100 Vinares flats allotted to those residing in Male’ for 15 years

Hulhumale Development Corporation (HDC) has announced that although not registered to Male’, those living in the city for over 15 years will be eligible for Vinares flats.

The corporation has announced eligibility criteria for the Vinares flats.

One of the conditions being a resident of Male’. However, those not registered, but have been living in Male’ for over 15 years and those who registered but have not been 15 years to that can also apply.

HDC’s announcement stated that this group of people, a total of 100 flats have been designated.

The Vinares housing project was launched during former President Abdulla Yameen Abdul Gayoom’s administration to address the housing shortage in Maldives.

1,344 apartments were built in ten towers under the project.

The apartment comes in two layouts.

MARINA VIEW, INNER VIEW AND OUTER VIEW

• 902 square feet
• Three bedrooms, three toilets, balcony

STANDARD VIEW APARTMENT

• 883 square feet
• Three bedrooms, three toilets, balcony

The apartments on the second floor were developed with terraces.

SECOND FLOOR TYPE 1 (MARINA OUTDOOR) APARTMENT

• 1,395.64 square feet
• Three bedrooms, three toilets, balcony, terrace

SECOND FLOOR TYPE 1 (INNER SECOND FLOOR) APARTMENT

• 1,312.65 square feet
• Three bedrooms, three toilets, terrace

SECOND FLOOR TYPE 2 (INNER SECOND FLOOR) APARTMENT

• 1,234.83 square feet
• Three bedrooms, three toilets, balcony, terrace

SECOND FLOOR TYPE 1 (STANDARD) APARTMENT

• 1,216.21 square feet
• Three bedrooms, three toilets, terrace

SECOND FLOOR TYPE 2 (STANDARD) APARTMENT

• 1,334.83 square feet
• Three bedrooms, three toilets, terrace
• Parking
• Security
• CCTV
• Fire and safety
• Garbage chute
• Four lifts per tower

·        The ground and first floor of the towers are designated for commercial space. Spaces are allocated for offices, ATMs, cafes and restaurants, and retail stores.

·        HDC states that additional services will be provided based on demand.

·        The apartments come with tiled floors, AC systems in living rooms and bedrooms, fittings and fixtures in toilets, cupboard sets and counters in kitchens, and space in balconies to put washing machines.

·        However, the apartments will not come furnished, said HDC.

·        Tenants have two payment options for the apartments.

       OPTION 1:

-  Down payment of 15-19 percent of total payment, and monthly instalments of the remaining payment over 20 years. HDC projects it will earn a profit of nine percent with the payment method.

       OPTION 2:

-  Down payment of 20 percent or higher of total payment, and monthly instalments of the remaining payment over 25 years. HDC projects it will earn a profit of nine percent with the payment method. 

HDC states the down payment can be made in bulk or in instalments until the project is complete in both methods.

Tenants will need to pay the monthly rent once the project is complete and the apartments are handed over.

HDC is also working on initiating additional projects in Hulhumale’ Phase II, including a yacht marina, tourism island, heritage island and botanical garden.