Amin Construction Pvt Ltd has officially launched a project for the construction of a residential apartment complex in Hulhumalé, reports local media.
Tourism Minister Ahmed Adeeb inaugurated the project at a ceremony last night. Housing Minister Dr Mohamed Muiz and other senior governments were also in attendance.
The ‘Amin Avenue’ complex would comprise of three 14-storey towers with a total of 261 apartments, explained Amin Construction Manager Ibrahim Nihad, with units falling into basic, luxury and penthouse categories.
The housing project – Amin Construction’s first real estate venture – would be the largest undertaken in Hulhumalé by a private company so far.
The price of a two-bedroom apartment – with an additional maids room – in the basic category would be MVR2.1 million, Nihad said, whilst the price of a four-bedroom luxury apartment would be MVR3.7 million.
The price of the four-bedroom penthouse apartments would be MVR6.5 million. An arrangement has been made with the Housing Development Finance Corporation (HDFC) to issue loans for potential buyers, Nihad said.
Speaking at the ceremony, Tourism Minister Ahmed Adeeb reportedly said the government plans to establish a real estate department at the housing ministry.
Adeeb – also co-chair of the cabinet’s economic council – pledged that the department would ensure that new homeowners would receive title deeds within 48 hours of purchase.
Housing Minister Dr Muiz meanwhile launched the Amin Avenue official website.