State Electric Company (STELCO) announces the monthly rent of the apartments of its housing towers.
The towers are currently apace with development, with majority of its construction components already concluded.
Developed at Hulhumale’ Phase II, the housing towers will have single room and 3 room apartments.
At a ceremony held at Thaajuddin School, the utility provider’s Managing Director Mr. Ahmed Shareef made announcement of the apartment rent values.
STELCO will reportedly charge MVR5,622 and a maintenance fee of MVR1,000 from tenants receiving single room apartments, and a monthly rent between MVR10,353 to MVR10,652 and maintenance fee of MVR1,300 from tenants receiving three-room apartments.
The utility company began construction of the housing towers during the previous administration. The project involved development of two 15-storeys towers in close vicinity of each other.
Under the project, STELCO developed a total of 360 housing units which include 72 single room apartments and 288 units of three room apartments (2 bedrooms + 1 maid room).
The project reportedly cost MVR640 million.
Meanwhile, the company’s Managing Director claims maintenance fee of the towers will be managed by STELCO for a one-year duration, after which tenants will be subjected to the fee.