State Electric Company (STELCO) has extended the payment period for flats built under the Hiya housing project to 25 years. Managing Director Ahmed Shareef made the announcement at the ceremony to celebrate 73 years of providing electricity service in the Maldives.
Speaking at the ceremony, Managing Director Shareef highlighted the success of the flats built for the company’s staff under the Hiya housing project and how it has provided housing to 360 employees. He noted that some employees have been unable to make the advance payment and that those who are unable to pay the amount by the end of December will have it added to the primary amount.
Additionally, Shareef announced that the management has decided to reduce the rent and extend the payment period from 18 years to 25 years. He said that the decision has been submitted to the board for approval. He said flat recipients are required to send a letter to STELCO requesting the change, adding that the company will terminate the agreement with those who neglected to make the advance payment if they do not request the changes.
As part of the Hiya project, state-owned companies were provided land plots in Hulhumale’ Phase II to develop flats for staff. STELCO is the first company to complete the development and hand over the flats. The project to develop STELCO’s flats was undertaken by a Chinese contractor. Under the project, two towers were developed with 360 apartments, which include one-room apartments and two-room apartments with a maid room. The monthly installment to be paid for the flats is USD366 for a one-room apartment and USD690 for a two-room apartment with a maid room.