MPL to reduce rent at Port Residence

Maldives Ports Limited (MPL)’s board has decided to reduce the rent of apartments at the Port Residence, built in Hulhumale’ Phase II under the company’s staff housing scheme.

With the changes to the monthly rent payment, staff have the option of paying the monthly rent after the downpayment over a period of 25 years, instead of 20.

For staff who chose ‘Option 1’ for downpayment, once payment period is extended to 25 years:

Type A one-room studio apartments: MVR 3,741.38 as monthly rent for first five years, MVR 4,061.54 for remaining 20 years

Type B one-room studio apartments: MVR 3,872.94 as monthly rent for first five years, MVR 4,746 for remaining 20 years

Type A 2 + 1 room apartments: MVR 7,015.08 as monthly rent for first five years

Type B 2 + 1 room apartments: MVR 8,260.45 as monthly rent for first five years

Staff who made downpayments under options 2,3, and 4 also have the opportunity to extend the payment period and reduce the monthly rent under the policy.

They have two years to switch to option 1.

According to MPL, it is working on installing elevators, water and electricity at the Port Residence.

They expect people to be able to begin moving in in mid-September.

MPL has been handing over keys to the apartments starting August 1. The company has decided it will not begin charging rent until next year.

MPL has constructed three 15-story towers under the staff housing scheme for state-owned enterprises; 204 one-bedroom apartments, and 330 2+1 bedroom apartments.