The Maldives opened the 145 residential units, being developed in reclaimed suburb Hulhumale by Rainbow Construction Pvt Ltd, for sale on Wednesday.
Housing Development Corporation (HDC) had awarded the project to develop 145 mixed use residential units in Hulhumale to Rainbow Construction on August 3. The agreement states that the apartment complex must be completed within two years and two months.
Speaking to reporters, Ibthisham Adam of Rainbow Group’s subsidiary Rainland Developers, which is in charge of marketing and sales of the new “Ocean Front Residence”, stated that the 145 residential units will be developed as two buildings situated a five minute walk away from Hulhumale Ferry Terminal. The first building will feature top class apartments while the second comprises of middle class flats and above.
According to Ibthisham, the first building will have twelve storeys featuring 12 apartments with three rooms and one smaller room, 30 apartments with two rooms and a smaller room, six apartments with one room and a smaller room and nine penthouses. The second building will be thirteen storeys tall with 55 apartments of three rooms and 33 apartments of two rooms.
Moreover, each building of Ocean Front Residence will feature an infinity pool and children’s pool on its terrace, along with a children’s area of 5,000 square feet and a fully equipped gym.
Ocean Front Residence:
12 apartments with three rooms and one smaller room – MVR 5.5 million
30 apartments with two rooms and a smaller room – MVR 3.7 – 3.8 million
55 apartments with three rooms – MVR 3.3 – 3.4 million
33 apartments with two rooms – MVR 2.4 – 2.5 million
9 penthouses – MVR 6.9 million
Ibthisham added that as Ocean Front Residence is a longer project than the average with a duration of 28 months, clients will receive the chance to inject more equity for the apartments to cut down their loan amounts.
The down payment for the apartments is 20 percent of their total cost. Buyers who wish to purchase the apartments with loans can do so via Bank of Maldives Ltd (BML), Housing Development Finance Corporation (HDFC) and Maldives Islamic Bank (MIB).
The project will be underway this December.
Rainbow Construction had previously developed three apartment complexes in Hulhumale, with the ongoing construction of 20 row houses in the reclaimed island.
According to company director Mazin Ibrahim Rafeeq, the difference between Rainbow’s earlier developments in Hulhumale and Ocean Front Residence is that the latter is designed for better ventilation, more space and to allow in more natural light.
HDC has currently signed agreements to develop housing units in Hulhumale with various companies including Ensis Fisheries, Renatas, Damas, Batch Construction and Apollo Holdings.
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