Urbanco has announced it will be opening up the sale of unsold Vinares Flat units in Hulhumale' Phase 2 for interested buyers.
The Vinares housing project consists of 10 towers, each 13-storeyed; with a combined total of 1,344 units.
Urbanco on Wednesday, October 25 announced it anticipated some units will be unsold after the assessment of eligible applicants during the first round of the sale.
The corporation said that the forms of applicants with insufficient funds and those that did not attend to choose their flats will be cancelled.
The sale of the next round is scheduled to commence on November 5, according to Urbanco.
During the first round a total of 1,413 applicants submitted forms.
The housing initiative consists of three-bedroom units in all 10 towers. The towers have been categorized into four groups which are marina view, inner view, outer view, and standard view.
- Apartment Size: 883 to 1,395.64 square feet
- Installment plan allows payment distribution to 20 to 25 years
- Down payment can be paid in installments between the period of project completion and issuance of the flat
- Bank loans can be acquired to pay for the flat
Interest rates for buyers paying for the flats in the long-term installment plan have been reduced this week to between 6 and 9 percent.
With this change, buyers opting to pay for the flats for a duration of 25 years will save MVR 1.2 million from the total payment value.
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