Housing Development Corporation (HDC) on Tuesday that the flats being built under the 'Hiyaa Project' by the government of former President Abdulla Yameen Abdul Gayyom will be completed next year and MVR 11,000 will need to be paid monthly by its recipients.
During a press conference held at the President's Office to provide information on the Hiyaa project, Managing Director of HDC Suhail Ahmed stated that while the project is financed 100% on loans, the finishing work such as tiling, installation of doors and painting were not included under the project cost. The finishing work requires an additional expenditure of US$ 42 million. Due to this, the completion date of the flats has been delayed, said Suhail.
"According to the previous timeline, the flats were to be completed by December [this year]. However, we need additional two or three months to complete the finishing work of the apartments. Therefore, we are hoping to complete the apartments by February or March 2020", Suhail said.
Deputy MD of HDC Ahmed Athif said the total project cost increased to US$ 434 million due to changes brought to the design of the buildings, which in turn would increase the monthly amount to be paid by the recipients of the apartments. While cost per unit is US$ 82,000, MVR 11,000 (~US$ 700) will need to be paid monthly by the recipients, said Athif. However, the corporation is working with relevant ministries to bring down the monthly repayment amount, said Athif.
"Compared to the current costing in the construction industry, US$ 82,000 per unit is a massive amount for a two bedroom apartment. Therefore, it is likely that recipients of the flats will have to pay a higher monthly repayment than previously anticipated. Nevertheless, we are in discussion with the government on this matter", said Athif.
Hiyaa flat construction work was contracted to a Chinese company named CCC by HDC on 20th July 2016. Work on the construction site commenced on 20th December 2017.
While current government has been stating that the flats have several design flaws, Suhail noted that elevator services in the building cannot be offered efficiently due to the tower design. However, due to its constrictive design, not much changes can be brought to resolve the issues, said Suhail.
