Housing Development Corporation (HDC) awarded the designing and construction of the "Hiyaa-Vahi" housing project to Amin Construction Pvt Ltd for MVR 647 million.
The agreement was signed by Managing Director of HDC Mohamed Saiman and Managing Director of Amin Construction Abdulla Mohamed early Thursday at a function held at HDC Head Office.
Speaking at the press conference after the signing, MD of HDC Saiman said Hiyaa-Vahi housing scheme is an initiative of the state to provide housing for employees working in various sectors of the government. Hence, priority will be given to employees who have long served the state.
In addition, Saiman noted that convenience and affordability will be emphasized during the process. Saiman added that companies from overseas had also applied for the project but Amin Construction offered the best price.
Under the scheme, 402 mix-residential apartments of 14 storeys ranging from 1 bedroom to 4 bedrooms will be constructed in reclaimed suburb Hulhumale. This project will be funded by HDC and the agreement stipulates Amin Construction to complete the project within 26 months.
It is noteworthy that the recent flats developed in Hulhumale target the rich. With flat prices ranging in the millions, there is great difficulty for the poor to afford flats.
HDC has awarded construction of 14 storey buildings in three different land plots for Amin Construction. The company is also preparing to develop 7,000 housing units in Hulhumale's Second Phase of Development.
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