A housing project has been launched in Hulhumalé to provide affordable housing for students and people who live alone in rented properties in the Malé City area.
Housing Development Corporation (HDC) broke ground and laid the foundation stone for the "Co-Living" housing project, which is being developed by Rotime Engineering & Technology Co. Ltd.
Co-living is a new housing concept in the Maldives, where residents share communal spaces and amenities to achieve cost-efficiency on rental prices.
According to HDC, single and twin sized shared rooms will be developed under this project.
According to HDC, the project will offer a variety of services when completed. These include an outdoor gym, pantry and a kitchen on each floor. A laundry and shops will also be included in the building.
HDC said a study done by the corporation showed that students and people living alone, on average pay MVR 5,000 per month as rent. Of these, 56 percent have expressed interest in the project.
The company expects the building running on this concept to have tenant occupancies for more than a year.
The project, which is being implemented Hulhumalé phase 2 will include a 14-storey building on 16,934 square-feet of land. HDC did not say how many rooms will be developed under this project. However, floors two to nine will be reserved for twin sharing while the remaining floors will be reserved for single room development, according to HDC.
This project is targeted towards Maldivian locals.
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