Real Estate Company Amin Construction has been awarded a plot in Malé for the construction of 90 luxury flats, of which 18 will belong to the government.
The project, proposed to the government by Amin Construction and approved by the cabinet’s economic and youth council, is expected to reach completion in three years.
Amin Construction is to obtain finances for the 20-storey building, which is to be located at TV Koshi in the Galholhu ward of Malé. Upon completion, it will be the tallest apartment building in Malé.
Housing Minister Dr Mohamed Muiz and Amin Construction’s Managing Director Abdulla Mohamed signed the agreement today.
“These flats are luxury flats. The ground and first floors will house commercial facilities such as shops and other businesses. There will be parking area in the basement,” Muiz said.
The price of the flats the government will receive is estimated at MVR1.6million (US$103,761).
The selling price of other flats has not yet been announced.
In March, Amin Construction was awarded a plot of land in Malé’s suburb Hulhumalé for the construction of some 279 apartments in three separate towers. The complex is called Amin Avenue. The Housing Development Finance Corporation (HDFC) is financing 80 percent of the project.
Prices of flats range from MVR2.1million (US$136,000) to MVR6.5million (US$557,717).
Several housing projects are ongoing in Malé. These include 1000 units by Apex Reality, a company owned by India’s Tata, 72 housing units by FW Construction Company, and another 72 housing units by 4Pals Maldives.
Malé is among the most densely populated cities in the world, and successive governments have struggled to provide adequate housing for its increasing population.
FW Construction is the only company to complete the flats.
In April, the government kicked up controversy when it awarded some of the luxury flats by FW Construction at discount prices to the five Supreme Court judges and four heads of independent bodies.