The Edition


Towering above the rest; Apollo takes off into Maldives’ real estate market

Brands of Maldives explores Apollo Holdings' forays into the Maldivian real estate market

Mariyam Malsa
28 January 2020, MVT 11:41
The Apollo Towers in Hulhumale'. PHOTO: APOLLO HOLDINGS
Mariyam Malsa
28 January 2020, MVT 11:41

Apollo Holdings Pvt Ltd has made great strides since establishing its first retail outlet in 1998, earning a nation-wide reputation as a reliable importer and distributor of construction materials.

Today, the company’s proudest ongoing project is Apollo Towers, a premium real estate project valued at MVR 200 million and spanning a plot of 121,397 square feet in the Greater Male’ region.

Located on the northwest coast of Hulhumale’, the towers climbing toward the skies represent Apollo’s launch into the bustling real estate industry of Maldives.

In an exclusive interview, Apollo’s Accountant Manager Ali Habeeb described the facilities available for the future tenants of the 97 residential units.

He revealed an impressive list including a children’s play area, a gym, jogging tracks, swimming pools, a multi-purpose hall and a parking area. The towers, one of which has nine storeys while the other has ten, will both be installed with elevators spacious enough to transport patients on stretchers.

Apollo Holdings will lease out apartments at competitive rates. PHOTO: AHMED MAANIS/ BRANDS OF MALDIVES

The units themselves are categorized into semi-deluxe and luxury apartments, with the latter boasting a sea view and extra space.

The ground floor and the first floor are allocated for commercial purposes with all residential units built on the upper floors.

The Accountant Manager disclosed that the Apollo Holdings real estate project was 60 percent completed and would be ready for occupancy in September 2019.

Apollo Holdings is set to lease out the apartments at competitive rates with consideration to the lowest market prices for holdings of similar sizes.

One-room apartments will be priced starting at MVR 1.1 million, two-room apartments will range from MVR 2.2 and 2.3 million and rates for three-room apartments will differ according to type with semi-deluxe apartments costing MVR 3.4 million while luxury apartments are to be marketed at MVR 5.4 million.

Prospective tenants can claim ownership after crediting 20 percent of the total price as a downpayment. The company also allows for the purchase of outlets through banks via asset loans and other such financing schemes.

According to the Accountant Manager, 90 percent of the semi deluxe apartments and 20-30 percent of the apartments already have prospective tenants who have begun making payments.

Habeeb revealed that prospective buyers are able to have their chosen apartments inspected by an engineer or technician to verify standards, affirming the importance Apollo Holdings assigned to quality management and maintenance.

Overall, Habeeb acclaimed Apollo Towers as being affordable and well equipped.

Apollo is committed to exploring new avenues of investment. PHOTO: AHMED MAANIS/ BRANDS OF MALDIVES

Although the towers nearing completion in Hulhumale have been crowned by the public as the crème de la crème of Apollo’s initiatives, the company is simultaneously managing three real estate projects in the capital, revealing its dedication to making a name in Maldivian real estate. Indeed, perhaps the best is yet to be seen.

In addition to the company's ambitious forays into the real estate industry, Apollo has committed to investing in new opportunities in fresh lines of businesses since the year 2008. Chief among these investments are a water tank production plant and a plastic bag production plant, both of which brought the company considerable fame.

Apollo Holdings operates major retail outlets in Hithadhoo, Addu Atoll, Thinadhoo, Ghaaf Dhaalu Atoll, and Thilafushi, Kaafu Atoll. On top of this, Apollo shores up its position by offering a comprehensive portfolio of services including heavy equipment rentals, cargo storage for third parties, stevedoring services, boat hires and offshore delivery services.

After a two-decade involvement in the field and establishing itself for the aforementioned services, the primary source of recognition for Apollo Holdings is, unsurprisingly, the distribution of top-notch construction materials across Maldives.

However, the company’s ventures into real estate, coupled with its skill in attaining and maintaining enviable market positions could very well mean that Apollo Holdings Pvt Ltd will become known for a wider range of business activities in the foreseeable future.