Monthly rent for council housing set at MVR 5,000-MVR 7,000

The Maldivian government has announced the monthly rent for council housing units in the towers being developed by Apollo Holdings as part of a government housing project in suburban Hulhumale’ will be within the range of MVR 5,000-MVR 7,000.

Apollo Holdings has been contracted to build 1,000 units in nine towers in Phase I and Phase II of Hulhumale’. The units will be categories into council housing, affordable housing, and mid-range housing. Council units and affordable units will be offered under the government’s housing policy.

In a press conference on Tuesday, President’s spokesperson Mabrook Azeez said released details of the monthly rent for council housing units.

He said that the monthly rent of 60 two-room units is MVR 5,500, and the monthly rent of 60 three-room units is MVR 7,000.

Mabrook said that council housing units will be large in size.

He said that while the size of two-room units built under the Hiyaa Housing Project by the former administration is 586 square feet, the size of two-room council housing units will be 650 square feet, and the size of three-room units will be 800 square feet.

The towers built by Apollo Holdings will also have 220 accordable housing units. Two-room units will be 650 square feet in size and will be offered at a monthly rent of MVR 8,600, while three-room units will be 900 square feet in size and will be offered at a monthly rent of MVR 13,000.

The project is carried out under contractor financing method. The management of the mid-range units – measuring maximum 2,400 square feet - will be conducted by the contractor.

Construction of the first tower began in Hulhumale’ last Tuesday. The project is the biggest infrastructure development project to be conducted by a 100 percent local-owned company in Maldives.