Island Aviation seeks party to develop employee flats

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 implemented under a contractor-financing model as part of the company's efforts to provide a long-term solution to the housing needs of its employees.

Under the contractor-financing arrangement, the selected contractor will be responsible for securing the initial financing for the project, while IASL will repay the cost over an agreed long-term period.

Interested parties have until 11:59pm on July 27^th to submit their EOIs. According to the notice published in the Government Gazette, all submissions must be made electronically via email.

As part of preparations for the project's implementation, IASL signed a land lease agreement with the Housing Development Corporation (HDC) on the 8th of this month. The agreement, which allocates land in Hulhumalé for the development, was signed by IASL Managing Director Ibrahim Iyas and HDC Managing Director Ali Zuhair.

The development of employee housing projects in Hulhumalé by state-owned enterprises (SOEs) has become increasingly common in the Maldives. Maldives Airports Company Limited (MACL) previously developed two residential towers comprising 384 apartments in Hulhumalé Phase II. Other major state-owned companies, including Maldives Ports Limited (MPL), the State Trading Organization (STO), and STELCO, have also completed and handed over staff housing units as part of their employee welfare initiatives.