Wednesday
18th Dec 2024
Dhivehi Edition
Most of the development of the mid-range housing units begun during the Yameen administration has been completed.
1,530 housing units, under the Hiyaa project, had begun development under the Yameen administration, and the foundations of the towers for the housing units had been completed by the end of President Yameen’s term.
The Solih administration has since renamed the development as the Vinares project.
The USD$159 million loan to fund the development had been signed on July 2017 by Mohamed Saimon, the Managing Director of HDC at the time. The USD$ 15.5 million required for 50% equity was funded by a USD$14.25 million loan from Seylan Bank. The loan had been taken for a period of 12 years, and the construction work is carried out by the China State Construction Engineering Corporation.
Each unit has three rooms and shared kitchen and toilet facilities. Each unit is air conditioned and has a fully equipped kitchen. The housing unit towers come with car parks and two levels to be used for commercial purposes.
Although the project had planned for 1,530 housing units on 14 stories, the total number has been reduced to 1,350 units on 12 stories. This had been done to reduce the cost of the development and to use the Seylan Bank loan to pay the equity fee.
According to the HDC, the development would be completed in July.
The current government have planned to sell units to private parties.
The Yameen administration had begun construction on 36 towers with 10,080 flats as part of the Hiyaa Project. 7,000 units have been completed and now accommodate many residents, and the flats that had been developed by state-owned enterprises are also nearing completion.