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Minister Aslam hopes for a secondary housing market

Lamya Abdulla
16 November 2021, MVT 20:27
Minister Aslam speaks at the opening ceremony of The Blue Heaven by RCC in Hulhumale -- Photo: Nishan Ali / Mihaaru
Lamya Abdulla
16 November 2021, MVT 20:27

Planning Minister Mohamed Aslam said on Monday he hopes the mixed residences developed by private parties would create a secondary housing market in Maldives.

Mixed residences are housing solutions that are affordable to people across the economic classes.

A ceremony was held last evening to officially open the The Blue Haven, which are mixed apartments developed by Rasheed Carpentry and Construction (RCC) in the first phase of Hulhumale. Speaking at this ceremony, Minister Aslam noted that over 17,000 families require housing in Male' alone and that they were working on finding solutions for it.

He believes that 50 percent of the apartments in The Blue Haven will be used by middle class families. He said they will ensure future housing projects carried out will factor in all middle classes.

"There should be a secondary housing market. I hope this will be achieved through mixed development," Aslam said.

If a secondary market is created as Aslam wishes, it means the market is developed enough so that people can purchase apartments from the developer and resell it to other interested buyers. If such a market exists, it would lead to housing being more affordable.

Chairman of RCC and parliament representative of Dhangethi constituency Mohamed Nazim said this was the first time the company had carried out such a project in its 50 year history. He noted their projects have expanded over the past couple of years and their ongoing projects are valued at nearly MVR 1 billion.

"This is a very important project for us. We are carrying out a different concept. We won this bid by providing the lowest price but the developed building is of good quality," Nazim said.

RCC will be developing 161 housing units. Most of these will be leased at controlled prices.