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Category Archives: Development

MVR 1.5 billion to be allocated in 2022 budget for hou...

Housing Minister Mohamed Aslam states the government plans on making an MVR 1.5 billion allocation on the state budget for 2022 on building housing units in inhabited islands outside the greater Male’ region. Aslam delivered the latest updates on government housing projects targeting the atolls while taking part in an MDP Rahvehi Fathis campaign event for R. Atoll on Tuesday night. “In Sha Allah, …

Monthly rent for council housing set at MVR 5,000-MVR ...

The Maldivian government has announced the monthly rent for council housing units in the towers being developed by Apollo Holdings as part of a government housing project in suburban Hulhumale’ will be within the range of MVR 5,000-MVR 7,000. Apollo Holdings has been contracted to build 1,000 units in nine towers in Phase I and Phase II of Hulhumale’. The units will be categories …

LABS Group Explores Opportunity to Tokenize One of Res...

LABS is the world’s first end-to-end real estate tokenization ecosystem to develop accessible and cost-efficient investment opportunities for all. LABS is on its way to building a one-of-a-kind investment ecosystem offering opportunities to its growing community. They actively partner with real estate developers and firms worldwide, tapping into the tokenized real estate investment market’s full potential. The company has announced a partnership with the …

Govt seeks parties to construct 14-storey residential ...

Fahi Dhiriulhun Corporation is seeking parties to construct two 14-storey buildings in capital Male’ to resolve housing issues in Male’. According to the corporation, the first building will be constructed at a 231,073 sqft land on block 307. The second building will be constructed on a 173,229 sqft plot on block 319. Both local and foreign companies interested in the project are invited to …

Patina Maldives, Fari Islands to open on May 18

The flagship property of Patina Hotels and Resorts, Patina Maldives, Fari Islands is scheduled to open on May 18, 2021. The property is located on the Fari Islands archipelago in North Malé Atoll of the Maldives and is a 45-minute speedboat ride from Malé International Airport. The resort will offer 90 contemporary one- to three-bedroom Beach and Water Pool Villas, alongside 20 Fari Studios …

Housing Minister reveals size of Gulhifalhu land plots

Housing Minister Mohamed Aslam has stated that the size of the 1,200 land plots issued from reclaimed lagoon, GulhiFalhu will be small in size. Answering reporters’ questions at a press conference held at the President’s Office on Wednesday, Minister Aslam said the land area of the plots issued from Gulhifalhu would be 600 sqft. Noting that Gulhifalhu is a venue to develop a commercial …

Monthly rent of Hiyaa flats will be MVR 7,500: Housing...

Housing Minister Mohamed Aslam has stated that the recipients of the social housing flats under the ‘Hiyaa’ project have the option to pay the down payment for their units over several years. Speaking at a press conference held at the President’s Office on Wednesday, Aslam said those who have difficulty in paying the down payment can still move into their apartments when the apartments …

Hiyaa flats to be handed over this month

Spokesperson of the President’s Office, Mabrook Azeez has stated that the recipients of flats under the ‘Hiyaa’ housing scheme will receive the keys to their units during April. Speaking at a virtual press conference held by the President’s Office on Wednesday, Mabrook said the final preparations are ongoing to hand over the keys of the units to its recipients. Highlighting that President Ibrahim Mohamed …

Morteza Hospitality Bonds mandates Bedford Row Capital...

Bedford Row Capital (BRC), a global non-bank structuring specialist, has been mandated to work with hospitality and leisure investments specialist, Morteza Hospitality Bonds PLC, for a listed bond offering of USD38.5million. The bond will be listed on the Frankfurt Stock Exchange maturing 2024. The bond will finance the development of an environmentally friendly, state of the art, branded, family-oriented, upper midscale resort in the …

Italy’s Giancarlo Zema Design Group, EHang looking to ...

Italian architecture firm Giancarlo Zema Design Group (GZDG) and world’s leading autonomous aerial vehicle company EHang, who are building their first eco-sustainable vertiport in Italy, have expressed interest in replicating their designs in Maldives, pending approval from government authorities. According to Vittorio Coco, the sole agent for GZDG in Maldives and Sri Lanka, who is based in AA. Rasdhoo, both GZDG and EHang are …

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