Housing Development Corporation (HDC) offers buyers of apartments constructed by Sealife Global Private Limited an alternate choice of buying apartments from Vinares housing buildings.
SeaLife Global was contracted to develop 3,000 housing units in Hulhumale' in 2016. However, it was later revealed the company was selected without assessing its capacity to conduct a project of such a large scale. Although the apartments had never been built, the company took advanced payments from several prospective flat buyers, of which 203 people later charged the company in court to seek compensation.
Regarding the matter, HDC has been working to provide an alternative for the buyers. As such, a settlement agreement outside the court was made between HDC and Sealife Global after declaring USD 2.9 million as compensation.
HDC revealed the alternative option to purchasing an apartment from Vinares is only available for those who have been refunded upon submission of proper documentation. HDC has asked interested buyers to register by 1530 hours on October 28.
HDC expects the apartments at Vinares to be completed in mid-2022. As part of the project, 1,344 units are being built in Hulhumale' Phase II.