Housing Ministry has awarded contracts to five local companies to construct 1,000 housing units in Hulhumale' under the government's Affordable Home Ownership policy.
The agreements were signed by Housing Minister Dr Abdulla Muththalib during a ceremony held at the ministry.
According to the ministry, the contracts were awarded to the five highest-scoring bidders following the evaluation process.
The successful contractors are:
- SJ Construction Pvt Ltd
- Joint venture of One Reality Pvt Ltd and Medtech Maldives Pvt Ltd
- Amin Construction Pvt Ltd
- Rasheed Carpentry & Construction Pvt Ltd
- Joint venture of Flexinc Pvt Ltd, Oxcro Pvt Ltd, Solex Pvt Ltd and Beaver Builders Pvt Ltd
The ministry said the housing units will be developed in Hulhumale' Phase 3, with construction expected to be completed within two years and five months.
The flats will be offered to applicants under the government's family housing programme.
Under the scheme, the maximum selling price for a two-bedroom apartment has been set at MVR 1.8 million, while three-bedroom units will be priced at up to MVR 2.3 million.
The Housing Ministry said the project is intended to improve access to affordable home ownership for middle-income households through bank mortgage financing under President Dr Mohamed Muizzu's "Boahiyaavahikan Enmennah" (Housing for All) policy.
