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.
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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.
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