Applications to purchase apartments from the new apartment building to be developed by local firm Batch Construction Pvt Ltd in reclaimed suburb Hulhumale was opened Saturday.
Batch Construction will commence development of the ten-storey apartment building named “Marina View” at an approximate cost of MVR 200 million this September. The firm aims to complete the project within two years.
The firm officially inaugurated “Marina View” in a special ceremony held at Hotel Jen on Saturday afternoon. The project was inaugurated by Housing Development Corporation (HDC)’s managing director Mohamed Saiman.
Batch’s managing director Mohamed Saeed told Mihaaru that opportunity for interested buyers to submit interest for Marina View is now open. He added that apartments will be sold under the policies determined by HDC.
Marina View apartments are to be developed on Hulhumale’s Fithuroanu Magu street, a five-minute walk away from the ferry terminal. The prices for the apartments range from MVR 1 million to 4.5 million.
“The most expensive apartments will be the penthouses and sea view apartments, which will be very pleasant and luxurious,” said Saeed.
Marina View will feature total 69 apartments, including one-room and three-room apartments, and those with maid’s rooms. The apartments will measure between 893 to 1,467 square feet in size.
Saeed stated that Batch is mandated to sell 60 percent of the apartments at a rate of MVR 2,400 per square feet, while the remaining 40 percent will be sold at rates determined by Batch. Saeed added that the shopping outlets to be developed in the first two floors of the building will be awarded to HDC.
“All the apartments will be sold by us. There will be arrangements for interested buyers to receive finance from HDFC (Housing Development Finance Corporation Plc),” he said.
According to Batch, Marina View will also feature special car and motorcycle parking floors for its residents.
The first two floors of Marina View will consist of a shopping area, while the apartments, either city view or sea view, will be developed from the second floor to the eighth. The upper two floors will feature penthouse apartments.