The Vinares apartments developed in the second phase of Hulhumale will be completed by May 2022, Housing Development Corporation (HDC) said on Monday.
The apartments are being constructed in the land reclaimed in Hulhumale by the former administration.
This project consists of 10 towers, with 13 floors each. All 1,344 apartments to be built under this project will have three rooms, three toilets and a balcony.
According to HDC, there will be four types of apartments there; Marina View, Inner View, Outer View and Standard View apartments. The prices of the apartments vary from MVR 2.4 to 2.7 million, depending on which type of apartment and the floor it is located on.
"The Marina View will overlook the marina and the cruise terminal. The Inner View apartments will overlook the main road while the Standard apartments are the on in the middle of the apartment building," an HDC official said.
The Standard Apartment has 883 square feet while the others will be 902 square feet in size.
All the towers being developed under this project will have an ATM, parking space, CCTV and four elevators per apartment tower.
According to HDC the first and second floor of the apartment towers will be for kept commercial use instead of housing. These floors will be used for office space, supermarts, cafes and restaurants in addition to gyms.
The apartments can be bought via three models. If purchased through the lease-to-own model, down payments can be put for 15-25 percent of the cost of the apartment. Depending on the amount paid initially, the rest of the payments can be done in installments over a 20-25 year period respectively.
They can also be bought via own equity mode, where the cost of the apartment can be paid in full, or through previously agreed payment schedule.
If the apartments are being bought via end-user model, HDC will deduct 10 percent of the price of the apartment. End user model is when the apartments are bought via the loans through a bank or other financial institutions.
Currently only 42 percent of this project is complete.
The flats in Vinares will be offered to people that meet certain categories, HDC said. While they are available to people between the ages of 18-60, if an applicant and a co-applicant is applying for the apartments, both of them will have to have worked for the previous twelve months in full time jobs.