Flexible payment option introduced for Vinares Flats

Urbanco has facilitated flexible payment options for the Vinares flats leased from Hulhumale' Phase II.

With this new arrangement, purchasers opting for long-term installments will have the opportunity to sign the purchase and sale agreement after paying 15 percent of the down payment. The keys to the apartments will be handed over when the down payment is paid in full within three months, following which the terms of the purchase agreement will come into effect.

The Vinares project is one of Urbanco's housing projects in Hulhumale'. TComprising 10 towers, this project is Urbanco's first middle-class housing project.

Key Highlights of the Vinares Flats:

The Vinares Flat project, initiated during the tenure of former President Abdullah Yameen, has 10 13-storey towers. In total, it comprises 1,344 three-bedroom apartments, each ranging from 883 to 902 square feet in size. Each of these apartments will be sold for prices ranging from MVR 2.5 million to MVR 2.7 million. For those choosing to pay in installments, this figure is likely to double by the end of the payment period.

Under the project, the Marina View flats have 172 apartments, while the Outer View has 372 apartments. The Inner View includes 352 apartments. Additionally, the Standard View has 448 apartments.

When the project is completed, all the towers will have ATMs, parking zones and CCTV cameras. The ground and first floors of the towers will be dedicated to commercial spaces. The commercial space will include a supermarket, office space, mid-range shops, cafe/restaurant and gym space and vacant space for other activities.