Tata Housing, one of the fastest growing pan-India real estate developers with a presence across the consumer pyramid today announced its foray in the international market by launching their first international project in Maldives. The project will be jointly developed with SG18 Developers Pvt. Ltd., under the banner of Apex Realty, a special purpose vehicle (SPV) created for the Maldives foray.
Commenting on the announcement, Mr. Brotin Banerjee, MD and CEO, Tata Housing, said “This venture marks our international foray and gives us the opportunity to showcase our expertise of building affordable as well as luxury housing in the foreign market. In the coming years we plan to expand our footprints in other SAARC nations and Africa.”
Underscoring the government’s commitment to provide affordable housing for Maldivians, the President Mohamed Nasheed said “Maldivians had significant challenges in building or owning adequate housing. He said these challenges hindered the overall development of the country. The objective of the government’s housing pledge was enabling Maldivians to overcome the hurdles in accessing housing which was crucial for national development.
Maldives - especially Male, faces acute shortage of housing; there are long waiting period, high population density and inadequate infrastructure facilities. In order to cater to this acute housing shortage, the Government of Maldives has come up with a US$ 500 mn. project to develop 10,000 housing units for the Maldivian people. Apex Realty has signed an agreement with the Government for developing residential apartments through a Public Private Partnership (PPP) model.
The Government of Maldives has allocated 4 plots (Block 135, 162, 058 & 263) on a long term (50 years) basis to Apex Realty to develop residential apartments & retail Space (1.5 Lakh sq.ft) in Male. 80% of the apartments will be sold to government nominated buyers and the balance 20% will be sold in the open market by Apex Realty. In addition to the above, the government will also provide commercial space admeasuring 1.5 Lakh sq ft to be developed and sold or leased out for 50 years and an exclusive island (Lhossalafushi) on a Faadipolhu Atoll) to develop premium luxury villas admeasuring 20,000 sft each.
All the residential properties are designed by reputed international architects, F+A of the US. The architectural sophistication of this project will provide its residents elegance through its unique contemporary design. Each residential apartment is strategically designed to maximize its living space and the flow of natural light and air. Other amenities include unique landscaped deck, swimming pool, spa & gymnasium, parking space, Secured access to residential lobbies and barbeque counters.
Like all other properties of TATA Housing, The projects in Maldives will comply with all the green building norms reducing any impact on the environment.
About SG18 Developers Pvt. Ltd.
SG18 was founded with a vision of providing end-to-end solutions to companies and government institutions. SG18 aims to provide high quality craftsmanship in the real estate and construction industry. Its main objective is to join hands with government and local partners in SAARC countries and exploring development opportunities.