Housing Development Corporation Ltd. (HDC) has awarded iRin Planar One Joint Venture (JV) with the contract for development of the “Row House Project 2010” in Hulhumalé.
iRin Planar One JV is a joint venture between a Maldivian Company, iRin Enterprises Pvt. Ltd. and a Singaporean Company, Planar One and Associates Pvt. Ltd.
As per the contract, iRin Planar One JV will develop 2 blocks of Row Houses, with each block consisting 6 units totaling to 12 Row Houses. The contract was signed today, 29th of April 2010, during a ceremony held at the HDC Head Office in Hulhumalé. Managing Director, Mr. Mahjoob Shujau signed the agreement of behalf of HDC while Director, Mr. Samiu Anwar signed the agreement of behalf of iRin Planar One JV.
The Row Houses will be constructed within the residential neighborhood one of Hulhumalé and is well accessible to the commercial facilities, the school, hospital and parks and recreational spaces.
Each Row House will occupy a land area of 904 square feet and will be developed into two floors. The ground floor is designed flexibly to serve as a residential or commercial use space, whereas the second and first floors are purely for residential use. Each Row House will consist of a sitting and dining area, plus 3 bed rooms.
HDC plans to sell the Row Houses through mortgage finance arrangements facilitated through Housing Development Finance Corporation. HDFC is willing to avail mortgage loans of up to 15 years at an interest rate of 11.75% to customers complying with their credit screening for the purchase of these Row Houses. HDC will be announcing for the sale of the Row Houses within the next two months.