State Trading Organisation (STO) has launched its housing scheme for employees, as part of the largest social housing development project to be conducted in Maldives. The project was officially launched by Chairman of STO Hussain Salim Mohamed.
STO plans to construct two 15-storey residential towers in Hulhumale'. 304 apartments will be developed in the residential towers, including 68 1-bedroom apartments, 36 2-bedroom apartments and 144 3-bedroom apartments, revealed STO. In addition, 56 apartments will be developed as premium apartments, according to STO. Moreover, STO revealed the prices of the apartments will vary between USD 63,000 and USD 116,000.
The housing scheme is a project which will provide affordable housing for employees, Managing Director of STO Ahmed Shaheer stated speaking at the ceremony held to launch the project, adding the apartments will be available for a lower price compared to other companies. Furthermore, he noted a large number of employees will be provided with the apartments and said easy payment methods will be implemented.
The Hiyaa housing project initiated by the government is aimed at resolving the housing issues being faced by around 80 thousand people. Private companies along with state companies and government offices will be part of the mega project.
Furthermore, a project to develop 7,000 social housing units and another project to develop 1,530 mid-to-high range housing units are currently underway in Hulhumale'.