The Ministry of Housing has signed agreements with five Maldivian companies to develop 1,000 housing units in Hulhumalé under a Public-Private Partnership (PPP) model as part of the government’s Affordable Homeownership Scheme.
According to the ministry, all five selected developers are 100 percent Maldivian-owned companies. The agreements mark the launch of the first housing project under President Dr Mohamed Muizzu’s “Housing for All” policy, aimed at making homeownership more accessible to middle-income families through bank mortgage financing.
The selected developers are:
- SJ Construction Pvt Ltd
- JV Partnership – One Reality Pvt Ltd and Medtech Maldives Pvt Ltd
- Amin Construction Pvt Ltd
- Rasheed Carpentry & Construction Pvt Ltd
- JV Partnership – Flexinc Pvt Ltd, Oxrow Pvt Ltd, Solex Pvt Ltd and Beeva Builders Pvt Ltd
The project will be carried out in Hulhumalé Phase III, with construction expected to be completed within 30 months. Each developer has been assigned one plot for the development.
The ministry said all apartments built under the project will be allocated to applicants who qualify under the government’s Family Housing Programme after the official application process.
Under the scheme, the maximum selling prices have been capped at MVR 1.8 million for two-bedroom apartments and MVR 2.3 million for three-bedroom apartments.
The ministry said the developers were selected after evaluating proposals submitted in response to a public announcement issued on 26 February under the Contractor-Financed Build and Sell model in accordance with the State Finance Regulations.
The ministry highlighted two key objectives of the project.
The first is to reduce the cost of housing. To help keep apartment prices affordable, developers will not be charged for land, construction materials imported for the project will be exempt from import duty, and buyers will not be required to pay GST on their purchases.
The second objective is to expand homeownership opportunities for families that do not currently own a home. The apartments will be allocated exclusively to applicants who meet the eligibility requirements of the Family Housing Programme.
