Pres Solih’s family business signs up as real estate partners for TATA Odeon flats

President Ibrahim Mohamed Solih’s family business has announced the sale of flats in capital Male’ City.

A post on Pan Real Estate's Facebook stated that “luxury” apartments, measuring 415 sq ft, will go on sale for MVR 2 million (US$ 130,137.72) for a unit.

The post stated that apartments are located on Majeedhee Magu – it is expected that these units are the ones being constructed in Odeon lot. India’s TATA Group is the contractor.

The one-bedroom units has a small sitting room and a kitchen. Based on the specifications, these units are smaller than an average one-bedroom apartment in Male’ City.

These units are smaller than the Hiyaa flats – a Hiyaa flat unit is 575 sq ft. Members of this administration had always described Hiyaa flats as pigeon holes. The Odeon units are smaller than a Hiyaa flat unit.

President Solih even had attempted to destroy the Hiyaa flats at the start of his administration, stating they were uninhabitable. Failing to achieve this, some senior Government figures had resorted to claiming Hiya flats were the product of this administration.

Pan Real Estate operates high-end housing units in Male’ and Greater Male’ region. It is a subsidiary of the Pan Ocean International. The First Son and First Daughter are listed as shareholders of the company.

Hiyaa flats severely impacted on the housing market, with average prices dropping and making housing more affordable. President Solih and senior government figures all operate real estate operations, benefitting in millions annually, mainly due to the land shortage in the Greater Male’ region.