Five plots handed over to develop apartment complexes in Hulhumale

Housing Development Corporation (HDC) has commissioned five local companies to develop apartment complexes in Hulhumale’.

HDC revealed the five companies as; Ostrava Pvt. Ltd, Green Market Pvt Ltd, Ensis Fisheries Pvt. Ltd, Lezone Pvt. Ltd, and Damas Company Pvt. Ltd.

Speaking at the signing ceremony today, Deputy Managing Director of HDC Mohamed Shahid revealed that each company was handed a plot of 2,455 square feet on which, they are required to complete the complex within a 18 month period. He said that the five companies have been agreed to sell the plots between MVR 1800 and MVR 2000 per square feet after completion, the lowest prices proposed by bidders.

“They will basically be able to build a five story building. They will have to follow the guidelines, each building consisting not more than 30 rooms. They’re then free, as they follow the guidelines,” Shahid said.

The HDC agreement allows the companies to sell the real estate to the public. The companies said that they will arrange an installment scheme for apartments to be purchased, and assured that the construction work will begin soon.