Friday
22nd Nov 2024
Dhivehi Edition
President Solih
President Solih’s family-owned enterprise develops a 10-story luxury apartment building!
President Solih and his immediate family. Photo: President's Office.
Pan Real Estate, President Ibrahim Mohamed Solih’s family-owned enterprise, has begun construction of a ten-story luxury apartment building.
Apartments have been listed for sale from this building on Hadheebee Magu in Male’City, with facilities such as private parking and a gym. Each floor between the third floor and the ninth floor has one three-bedroom apartment. The 1500 square feet apartments are being sold for MVR 4 million, each.
The luxury apartment building, named “Fus Residence”, is expected to generate an income of MVR 50 million for Pan Real Estate. The real estate agency is known for developing and leasing other buildings and apartments in the Greater Male’ area.
Pan Real Estate is a subsidiary of President Solih’s family-owned, Pan Ocean International Private Limited, where his daughter and son are among the shareholders of the company.
While the president’s family has interests in the Maldivian real estate market, when Hiyaa Flats were inhabited, the demand for rental apartments in Male’ City fell significantly. Furthermore, President Solih had attempted to demolish the Hiyaa flats.
While it is obvious that the real estate agencies will face the consequences of government housing projects, President Solih administration’s leaders and senior officials earn a considerable income by leasing their properties.