STELCO’s new housing project for Villimale’ halted

Senior Management and employees of STELCO celebrate the company's 25th anniversary. (Photo / STELCO)

Ministry of Finance and Treasury on Monday revealed that the housing project announced by State Electric Company Limited (STELCO) for Villimale’ has been halted such projects for state-owed companies were not part of the government’s policy

During the special gathering held to introduce STELCO’s new chairman, former Central Hithadhoo MP Brigadier General Ibrahim Mohamed Didi (Didi) to the company’s staff, the company’s Managing Director Ahmed Shareef stated that the company will be commencing a new housing project at Vilimale’ very soon.

While he did not reveal many details regarding this, he said that they were working to get permission from the company board members for the project.

Speaking with Sun about this project, the Communication Director at the Finance Ministry Lamaan Waheed  revealed that it was not part of the government's policy to undertake housing projects for any of the state-owned companies.

Hence, STELCO will not be allowed to carry on the project, he added.

“At the policy level, it has been decided that social housing projects will be carried out through Fahi Dhiriulhen Corporation."

In the same event, MD Shareef said that staff housing units developed in Hulhumale’ Phase II will be handed over on August 6.

STELCO has 360 flats in two towers, including 72 one-room flats and 288 three-room flats.

The rent for a one-room apartment is MVR 5,622, while the rent for a three-room apartment (including a maid room) is within the range of MVR 10,356-10,652.