Island Aviation Services Limited (IASL) has invited Expressions of Interest (EOIs) from qualified parties for the design and construction of a dedicated housing project for its employees.
The project will be developed under a contractor-financing model as part of the company’s efforts to provide a long-term housing solution for its workforce.
Under the financing arrangement, the selected contractor will secure the initial funding for the project, while IASL will repay the cost over an agreed long-term period.
According to the notice published in the Government Gazette, interested parties have until 11:59 pm on 27 July to submit their EOIs electronically by email.
As part of preparations for the project, IASL signed a land lease agreement with the Housing Development Corporation (HDC) on 8 July for land allocated in Hulhumalé. The agreement was signed by IASL Managing Director Ibrahim Iyas and HDC Managing Director Ali Zuhair.
The development of employee housing in Hulhumalé by state-owned enterprises has become increasingly common. Maldives Airports Company Limited (MACL) previously completed two residential towers comprising 384 apartments in Hulhumalé Phase II, while Maldives Ports Limited (MPL), the State Trading Organisation (STO) and STELCO have also developed and handed over staff housing projects as part of their employee welfare programmes.
