State Electric Company Limited (STELCO) on Saturday, 06th August, hands over the apartments to a total of 306 of the company’s employees.
The apartments were assigned to these employees from the utility provider’s housing towers developed at Hulhumale’ Phase II.
STELCO handed the apartments at a ceremony held on Saturday morning. Meanwhile, the company has yet to assign 52 of the remaining apartments from towers at a later occasion.
The utility provider affirmed, these apartments were not handed since its to-be owners, have yet to sign on the official proprietorship agreement.
Managing Director Mr. Ahmed Shareef confirmed getting remaining signatories by September.
The original project cost MVR696 million. However, combined rent from employees will reach an eventual total of MVR623 million. Employees can pay rent until ownership for a duration of 18 years.
On Saturday’s handover ceremony, Mr. Shareef revealed the official titles of the towers; “Blue Ridge-1” and “Blue Ridge-2”.
Both towers have a combined total of 360 apartments which include; 72 single bedroom flats and 288 flats with two bedrooms and a maid room.
Moreover, single room rents go for MVR5,622, and three room apartments between MVR10,356 to MVR10,652. Additionally, STELCO will charge MVR1,000 in maintenance fee for single rooms, and MVR1,300 for three bedrooms.
Meanwhile, STELCO affirms granting apartments to all of its applicants.