State Electric Company Limited (STELCO) has commenced laying the concrete foundation of two towers under construction, as part of the largest social housing project initiated by the government. During a ceremony held in Hulhumale', laying the concrete foundation of the towers was initiated by CEO of STELCO Ahmed Zuhoor.
STELCO will construct two 16-storey towers in the second phase of Hulhumale', as part of the government initiated social housing project. The state-owned company contracted the project to Hong Kong-based Rotime Engineering And Technology Co. Limited.
Speaking to media, Ahmed Zuhoor said the project is expected to be completed within one and half years, adding easier payment arrangements will be made for the employees of STELCO who apply for the housing units. The two towers contains one-room, two-room and three-room apartments and the price varies from about USD 65,000-194,000.
A total 62 25-storey housing towers will be constructed, as part of the largest social housing project to be launched in Maldives. The government aims to provide affordable housing for a population of 100 thousand people from Hulhumale', upon completion of the project.