The government has signed agreements with five Maldivian companies to build 1,000 affordable housing units in Hulhumalé Phase 3 under the “Aailee Boahiyaavahikan” program. The units, intended for middle-to-high-income earners, will be completed within two years and five months and sold through the government’s official housing schemes.
The government has officially entered into agreements with five prominent Maldivian companies for the development of 1,000 housing units in Hulhumalé Phase 3.
The signing ceremony took place last Thursday at the Ministry of Infrastructure, Housing, and Urban Development.
Dr. Abdulla Muhthalib, Minister of Infrastructure, Housing, and Urban Development, signed the agreements on behalf of the government, while senior executives represented the respective companies.
This project is a key component of the administration's "Aailee Boahiyaavahikan" program, conducted under the overarching "Boahiyaavahikan Enmenah" policy.
According to the Housing Ministry, these housing units are part of the "Affordable Home Ownership Scheme," specifically designed for middle-to-high-income earners. The eligibility criteria for this category include individuals or households with a monthly income exceeding MVR 60,000.
The companies awarded the project are:
• SJ Construction Pvt Ltd
• JV Partnership – One Reality Pvt Ltd and Medtech Maldives Pvt Ltd
• Amin Construction Pvt Ltd
• Rasheed Carpentry and Construction Pvt Ltd (RCC)
• JV Partnership – Flexinc Pvt Ltd, Oxrow Pvt Ltd, Solex Pvt Ltd, and Beaver Builders Pvt Ltd
Under this project, the government has established price caps for the sale of these units. Accordingly, the maximum selling price for a two-bedroom apartment is set at MVR 1.8 million, while a three-bedroom apartment is capped at MVR 2.3 million.
The contractors have been granted a period of two years and five months to complete the project in Hulhumalé Phase 3. The Ministry further clarified that these housing units must be sold exclusively to eligible applicants who qualify through the government’s official housing schemes.
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