State Electric Company Limited (STELCO) on Saturday, 06th August, hands over the apartments to a total of 306 of the company’s employees.<\/p>\n
The apartments were assigned to these employees from the utility provider’s housing towers developed at Hulhumale’ Phase II.<\/p>\n
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.<\/p>\n
The utility provider affirmed, these apartments were not handed since its to-be owners, have yet to sign on the official proprietorship agreement.<\/p>\n
Managing Director Mr. Ahmed Shareef confirmed getting remaining signatories by September.<\/p>\n
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.<\/p>\n
On Saturday’s handover ceremony, Mr. Shareef revealed the official titles of the towers; “Blue Ridge-1” and “Blue Ridge-2”.<\/p>\n
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.<\/p>\n
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.<\/p>\n
Meanwhile, STELCO affirms granting apartments to all of its applicants.<\/p>\n","protected":false},"excerpt":{"rendered":"
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<\/p>\n","protected":false},"author":4,"featured_media":3812,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[220,926,949,1920,1975,1985,1987],"class_list":{"0":"post-3811","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-blue-ridge-towers","9":"tag-housing-and-infrastructure","10":"tag-hulhumale-phase-ii","11":"tag-social-housing","12":"tag-state-electric-company-limited","13":"tag-stelco","14":"tag-stelco-housing-towers"},"yoast_head":"\n