Seven companies have submitted proposals to construct 2,000 housing units in Hulhumalé Phase 3, according to the Minister of Housing, Land, and Urban Development, Dr. Abdulla Muththalib.

The deadline for submitting proposals for the project, which is being conducted under a Public-Private Partnership (PPP) model, expired today. The opportunity was exclusively opened to 100 percent Maldivian-owned companies registered in the Maldives.

Speaking at a ceremony held tonight to lay the foundation stone for 364 flats being developed by the Bank of Maldives (BML) in Hulhumalé Phase 1 under the government’s "Housing for All" scheme, Minister Muththalib stated that the government aims to provide a specialized solution for families who do not own a home but possess the financial capacity to purchase one if offered at an affordable price. He explained that this solution is being facilitated through private companies using an end-user finance model under the PPP framework.

"As of the deadline today, seven companies have submitted proposals to construct 2,000 housing units under this policy to be sold at affordable rates," the Minister said.

Minister Muththalib noted that the applicants include several major firms active in the Maldivian construction industry. He highlighted that to ensure the affordability of these flats under this model, the government will provide the land free of cost. Furthermore, as these units are intended for first-time homeowners, the government will ensure that buyers are exempt from paying GST on the purchase.

Additionally, the Minister announced that the government has decided to waive import duties on construction materials for the project. With these concessions, the maximum selling price for a three-bedroom flat has been capped at MVR 2.3 million, while a two-bedroom flat is set at a maximum of MVR 1.8 million.

"Flats developed under this model will be available for purchase by individuals who meet the eligibility criteria for ongoing housing schemes and have already applied for flats. It is very important for those interested in purchasing under this model to ensure they have submitted their applications for the currently open schemes," the Minister emphasized.

Under this project, three-bedroom apartments will have a minimum area of 950 square feet, while two-bedroom units will consist of 700 square feet. Each building must comprise at least 70 percent three-bedroom apartments.

The maximum price at which car parking spaces can be sold within these developments has been set at MVR 450,000.