The Maldives Ports Limited (MPL) has introduced a more affordable option to give more leeway to its employees in paying their monthly rent for the Port Residences apartments built in Hulhumale' Phase II.
The MPL board has decided to change the rent payment rules to offer employees the opportunity to pay the monthly rent for the flats in installments of 25 years after the down payment. Previously, monthly payments were made in 20-year installments.
MPL stated that employees who have paid under Option 1 of the down payment will now have to pay USD243 for the first five years of the monthly rent of a one-room studio apartment (Type A). The monthly rent for a one-bedroom studio (Type B) apartment is USD251 for the first five years.
For the remaining 20 years, the monthly rent for Type A apartments is USD263, and for Type B apartments is USD273. If the monthly rent is paid within 20 years as before, employees with Type A apartments would have to pay USD297 and Type B apartments would pay USD308.
Additionally, under the new option, the monthly rent for a 1+2 apartment during the first 5 years is USD455 for Type A apartments and USD466 for Type B apartments. The rent for the remaining 20 years is USD524 for Type A apartments and USD536 for Type B apartments.
In addition to employees who have paid down payments for this option, employees who have paid down payments under Options 2, 3, and 4 will also be eligible for extended payment periods and monthly rent reductions. The company has decided to give employees who have chosen to pay the down payment under these options a two-year grace period to switch to Option 1.
MPL is developing three 15-storey buildings exclusively for its employees under the Hiyaa housing scheme. MPL constructed 534 flats under four categories, which are 204 one-room flats and 330 2+1 flats. The price of the flats ranges from USD52,000 to USD98,000 and the state-owned company is expected to allow employees to move into their apartments in September.