MPL cuts flat rent; extends repayment to 25 years
MPL said employees who paid down payment under other options will also be given an extended payment period and reduced monthly rent.
By
Ahmed Mizyal
Maldives Ports Limited (MPL) has reduced the rent of flats being developed in the second phase of Hulhumale to provide housing for its staff, and extended the repayment period to 25 years.
MPL has built three 15-storey towers. The towers, built by Singapore-based W&A Overseas company, have 534 apartments.
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204 one bedroom apartments
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330 apartments with two bedrooms and a maid's room
MPL flats were previously given a 20-year rent payment period.
The company announced on Thursday that it had extended the term to 25 years and reduced the monthly rent.
Rent changes for MPL flats
Downpayment option one
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One bedroom studio apartment (Type A) - MVR 3,740 per month for the first five years; MVR 4,061 per month for the remaining 20 years
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One bedroom studio apartment (Type B) - MVR 3,873 per month for the first five years; MVR 4,204 per month for the remaining 20 years
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2+1 apartment (Type A) - MVR 7,015 per month for the first five years; MVR 8,074 per month for the remaining 20 years
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2+1 apartment (Type B) - MVR 7,183 per month for the first five years; MVR 8,260 per month for the remaining 20 years
MPL said employees who paid down payment under other options will also be given an extended payment period and reduced monthly rent. However, the company did not give further details.
In addition, MPL has decided to give employees who have made down payments from other options a two-year period to switch to option one. Employees who pay within that period will receive Option One concessions, MPL said.
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Keys to the flats were handed over on August 1
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Three towers are currently undergoing elevator, electrical and water works
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MPL expects employees to start living in the flats by mid-September
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MPL has decided not to charge any rent from the date the employees start living in the flats until the end of this year
