Real Estate Magazine (Maldives) | Issue 3, 2019

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editor’s note

Warm Greetings and Welcome to the 3rd Edition of

a r c h i t e c t s . O u r f e a t u r e o n Te k t o n D e s i g n

Real Estate Magazine!

Associates, the most prolific architectural design firm in the country, details 30 years of inspiring and

Keeping up with our tradition of broadening our

exemplary work. The leaders of the construction

horizons with every new edition of REM, we decided to

industry are not ignored either, as we delve into what

bring you, our readers, even more diversity of choice

makes a construction company tick with insight into

this time by expanding from Maldives and Sri Lanka

two very different but impressive firms, SAS e and

to the real estate market of another of our closest

VCC, as well as some well-chosen words from MNACI.

neighbours, Malaysia.

Our issue would not be complete without some Our cover story for this edition dives into what makes

broader reading to introduce new ideas to budding

a luxury apartment luxurious with an in depth view

i n d u s t r i e s re l a t e d t o re a l e s t a t e , d e s i g n a n d

of ‘The Gardens’ by JAAH. This dreamy complex has

construction. My favorite read within this issue

indulgence ingrained within every inch, and explores

features Cocoon, the first design resort in the

what makes an apartment more than an apartment;

Maldives, where we find out exactly what lets a

what makes your living space a home.

resort earn this unique epithet. You will also find an easy outline on how Islamic Banking home loans

In this issue, in addition to the listings, you will find

work, where to go for an excellent cup of ‘coffee with

different options for investing in the real estate

ambience’ in the capital region, and an overlook on

market. This includes guidelines for purchasing your

what it might be like to own a holiday home within

second home in Malaysia through the ‘Malaysia My

the islands of Maldives. We have also included an

Second Home (MM2H)’ programme, with help from

excellent article on the intricacies and importance of

the renowned Richland Properties based in Kuala

compliance in tourism construction and operations.

Lumpur. We also offer some invaluable investment advice for the Maldivian real estate market from Mr.

All in all, I hope you find this issue informative,

Rifaath Jaleel, guestwriter and Managing Partner of

entertaining and as always, your one stop guide to all

MHPA L.L.P.

things real estate.

We understand our readers want more than just real

Remember, your dream home may be just a few page

estate advice. In this issue, we take some time to

flips away!

appreciate the silent heroes behind construction; the

Ruba Ali Editor

team Editor

Head of Production

Ruba Ali

Ahmed Mulaaq

Editorial Team

Design & Layout

Maryam Asima (Asy)

Mohamed Samah

Advertising Sales Ahmed Mulaaq

Fathimath Maisaan (Mai)

Mohamed Samah

Rifaath Jaleel

Shifaza Bushry

Ahmed Shabeen

Contributors JAAH | JAUSA | JCC | Gardens | Kashavi Designs | Paperworks | DMM | MHPA | Cocoon Maldives Tekton Design Associates | VCC | Richland Properties | Maldives Islamic Bank | Family Room by Coffee Lab | Rock Chamber | Meraki | The Civil Coffee Society | Alp CafĂŠ | SAS e Construction | MNACI | MACL Island Aviation Services Limited | Veli Vilaa | Nasandhura | Renaatus | One Avenue | K-Park Residence Ocean Front Residence | Raincrest Residence | Aira | Apollo Towers | Aqua Vita Residences | Astoria | Dusit Thani | Prime Grand | Setia Sky Seputeh | The Sentral Residences | Rifaath Jaleel | Mohamed Shamoon Inara Mohamed | Limya Shareef | Abdulla Jaushan | Selvem Durasamy | Kesva Arumugam | Hameed Fareed

Published by DMM Pvt. Ltd sales@dmmaldives.com

Disclaimer: While we strive to provide up to date and accurate information with constant care and attention, REM retains no liability or responsibility for quality, accuracy, completeness or legality. All information provided herewith are opinions of the writers based on facts, and legal counsel should be sought prior to any commercial, legal, financial or other decisions made by our readers.

H. VEYMUI VILLA 5C | VAIJEHEY MAGU | MALE’ | MALDIVES KashaviDesigns

kashavidesigns

content

10 The Gardens - The New Apex of Luxury Living As expected with the boom to the Maldivian real estate industry...

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Ahmed Jahudhan Jaufar, Managing Director of Jaah

10 Good Reasons To Invest In The Property Market

Ahmed Jahudhan Jaufar is the Managing Director...

Like in many other countries, investment in real...

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128

Tekton: 30 Years of Unwavered Excellence

Guide to your Second Home in Malaysia

Tekton Design Associates...

Malaysia’s property investment...

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146

Paperworks

Kesva Arumugam, Senior Real Estate Negotiator

With 11 years of experience...

Mr. Kesva Arumugam is a...

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150

Coffee in the Capital

Holiday Homes in Local Islands - A Market Ripe For the Picking

The Maldivian archipelago has...

Every mention of a holiday within...

80 Cocoon Maldives: Maldives’ First Design Resort

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Cocoon Maldives, located on...

From Trash to Treasure

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With the global temperatures on the rise we all have to do our part in ensuring that we...

VCC: Great Builders, Great Leaders, Great People The construction industry is one...

98 Islamic Banking: Diminishing Musharaka and What it Means For You Acquiring or developing our own land has been a never-ending issue with the Maldivian community.

Some 52% of local population are...

102 The Story of SAS e and Mr Saud

162 Keeping Up with Construction Tech

In an industry as competitive...

Evolution in construction has been...

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170

Tile it on

MNACI - MACI Rejuvenated

One of the most important...

The Maldives Association of...

the gardens The New Apex of Luxury Living Written by Ruba Ali

As expected with the boom to the Maldivian real estate industry, c o u n t l e s s n u m b e r s o f a p a r t m e n t b u i l d i n g s a n d h i g h - r i s e s a re constantly popping up over the Greater Male’ area now, each gushing with pledges of grandeur. With words like luxury and opulence thrown around more and more, anyone in the market for a lavish home would certainly be beginning to feel like the definition of luxury has started getting a little convoluted.

T h i s is wh ere Th e Ga rdens, a prom inent new v e n t u re b y J AAH Investments Pvt. Ltd, steps in. The Gardens has successfully introduced a new benchmark against which to measure and compare whether an apartment truly can be referred to as luxurious living.

At The Gardens, you become a homeowner with every measure of control that any owner has over their own home, similar to high-class suburban living, except within an expansive apartment complex.

Home is the principal focus: a place wholly owned by the purchaser, but with every aspect of their lives taken care of by the management to facilitate wellness and joy every day.

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Luxurious Suites and Villas Th e fir s t a n d fore mos t w a y t h a t Th e Gard e n s , w it h t h e mon ik e r of ‘ e x ot ic e le g a n c e ’ ,

h as s e t

t h e ms e lv e s a p a r t is by offe r in g on ly lu x ur y u n i t s t h rou gh ou t bot h t ow e r s . O f t h e 8 3 u n it s a vai l ab l e , 28 are Suites and 55 are Villas. Coming in 2 bedroom a n d 3 b e d room v a r ie t ie s , t h e g re a t e s t dist i n c t i o n be t w e e n t h e S u it e s a n d V illa s a t Th e G ard e n s a n d ot h e r d e v e lop me n t s is t h e c a pa c iou s n e s s o f e a c h and every unit. After all, the main distinction between a n y a p a r t me n t a n d a pe n t h ou s e (ap ar t from be in g on a h ig h floor ) a re t h e h ig h - c e i l i n g s and spaciousness of the unit, and even the smaller u n it s a t Th e G a rde n s a re la rge e n ou gh t o b e a Pe n t h ou s e a t a n y ot h e r p rop e r t y.

Th e v illa s a n d s u it e s a re de s ign e d a n d f i n i s h e d w it h n u c le a r fa milie s in min d ; la rge s it t i n g an d lou n gin g a re a s for fa milie s t o liv e a n d g ro w, s o t h a t c h ild re n h a v e a bu n da n t s p a c e t o flou r i s h an d pla y t o t h e ir h e a r t ’s c on t e n t .

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Privacy Ensured O n e o f th e bigge st inconveniences f a ced a t m os t p ropertie s is a lack of priva cy, both f rom a nd for the live-in domestic helpers. The Gardens combat t h is w i t h s e parate e ntra nces f or the helpers, com p le t e w i t h their o wn bedroom , toilet, service kitc h e n an d lau ndry area in Suites. T he residents, a n d th e ir h elpe rs , are a ff orded com plete priva cy a t e v e ry s te p.

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Pools Aplenty H a v e y ou e v e r w a n t e d t o go for a s w im, b u t c an ’t be bot h e re d t o go t o a c ommu n a l pool? A f t e r al l , t h e e ffor t ( a n d c lot h in g) re q u ire d t o s wi m at a public pool is vastly different than of simply taking a p lu n g e in a pr iv a t e on e . I f t h is is y ou , t he n T h e G a rde n s is c e r t a in ly pe r fe c t .

O f t h e t w o t ow e r s , on e t ow e r h a s u n it s w h i c h al l have private plunge pools built right into the living qu a r t e r s . Th e p lu n g e pools a re p la c e d on p r i v at e t e r r a c e a re a s w it h in t h e u n it s , b r in g in g t h e t o t al o f pools a t Th e G a rd e n s t o 3 6 , a fir s t in t h e M al d i v e s .

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Centrally Located, Bright and Fresh The Gardens is located on Bageecha Hingun, facing th e C e ntral Park at Hulhum a le’; clea rly you ca n’t be m o re c e ntrally lo ca ted tha n tha t. Ea ch a nd ev e r y u n i t c o mpris e s o f spa cious ba lconies either from th e mas te r bedroom or a ll bedroom s depen d in g o n t h e unit c h o s en. T his, of course, is in a ddit ion t o t h e p r i v a t e t e r r a c e s p a c e s , s o re s i d e n t s w i l l al w a y s h av e n atu ra l light a nd f resh a ir in a dd it ion to t h e go rge o us views.

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Amenities in Abundance When it comes to amenities, the list is almost endless.

The Gardens go a step above the usual by offering t h e ir re s id e n t s e v e r y t h in g t h e y ma y n e e d during daily life, and then more. A full compliment of amenities are offered a t t h e grou n d floor, a n d re c re at i o n al a me n it ie s a re a v a ila b le a t t h e t e r r a c e .

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Ground floor T h ere ’s a minimar t a nd a coff ee shop loca ted on the ground floor itself, so it’s easy to grab a coffee an d break fas t o n your wa y out in the mor ning , or to bu y s o me gro ceries f or dinner on your way in at nigh t. In fac t, you don’t even need to go to t h e m i nimart to ge t y our groceries, beca use item s c a n b e deliv ere d s tra ight to your unit with a si n gle p h o n e c all.

S e c u re d park in g w ith dedica ted slots a re a va ila ble f o r all re s ide nts a nd sepa ra te pa rking is a va ila ble f o r v is ito rs . The lobby is room y with sea ting a re a s , and 24/7 security and maintenance services are offered th rougho ut bo th towers.

T h ere are als o two eleva tors f or ea ch tower, on e with stretcher capacity, and all areas are wheelchair ac c e s s ible.

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The Terrace T h e t e r r a c e a re a i s a m e l t i n g p o t o f a d d i t i o n a l recreational activities. There’s a fully equipped gym for t h os e w h o lik e t o w or k ou t , a n d a c om m u n al s w immin g p ool for a ll re s ide n t s , c omp le t e w i t h c h a n g in g rooms , t oile t s a n d s h ow e r fa c ilit i e s . T h e t e r r a c e is p e r fe c t for s oc ia lis in g a n d re c re at i o n , with BBQ stations, a Club House and a roof garden fin is h e d w it h p e rg ola s a n d op e n s e a t in g are as .

C h ild re n h a v e t h e ir ow n p la y a re a , a n d t he i r o w n k id- s iz e d pool for s a fe a n d h a p p y pla y.

Tr u l y a place to kick-back, relax, and mingle with the other re s i d e n t s .

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Services Galore If the amenities are not enough to set The Gardens ap a rt, the s e rv ic es off ered certa inly wra p up t h e package with a beautiful bowtie. An extensive ac c e s s c o n tro l s y stem is insta lled f or a ccess to t h e different floors, along with 24 hours security service.

The structural quality of the buildings are g u aran teed to last long; designed by one of t h e m o s t tru s ted arc hitectura l f ir ms in the cou n t r y, Te k t o n De s ign . The ma na gement f ee is comple t e l y f ree o f c h arge for a ll residentia l tena nts. Th e re i s an in tellige nt tempera ture m onitoring sys t e m interlinked a Fire Alar m system offering both detectors and precautions throughout the buildings.

T h ere is als o a ga rba ge chute insta lled a t ev e r y f l o o r fo r max imu m convenience.

Landscaping, along with comfortable and practical fur niture is offered at the outdoor areas. And p e rh aps mo s t importa nt of a ll, there’s a ba ck u p g e n erato r fo r all public a rea s in ca se of los s of power, and even a backup water tank for residential u se .

E v ery s mall matter ha s been thought of to m a k e s u re n o ne o f th e residents wa nt f or a nything, a n d th a t c o n v enie nc e of living is off ered through ou t , m ak in g The Gardens the a pex of luxury residen t ia l l i v i n g in the Maldives.

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Jaah Private Limited JAAH investments Pvt. Ltd. (formerly JAUSA Investments Pvt. Ltd.) was incorporated in Republic of Maldives with the goal of investing in ambitious projects involved in the multi-dimensional development of the country.

Initially established in 2016, JAUSA Investments had been a joint extension of the highly regarded and experienced companies under the JAUSA brand; JAUSA Trading Maldives Pvt Ltd & JAUSA Construction Maldives Pvt Ltd. JAAH investments Pvt. Ltd. was rebranded from JAUSA Investment Pvt. Ltd. in 2018 with the intention of having greater focus on a wide range of investments, enabling the JAUSA brand to continue to be associated with the construction industry, where it has been thoroughly established.

Ahmed Jahudhan Jaufar Managing Director of Jaah Written by Ruba Ali

Ahmed Jahudhan Jaufar is the Managing Director of JAAH Investments Private Limited, one of the most enterprising new real estate developers in the country. After obtaining his Bachelor’s Degree, Mr. Jahudhan began his career at JAUSA Singapore. Upon his return to the Maldives, Mr. Jahudhan moved on as Executive Director of JAUSA Trading. When the company split into different divisions in 2014, he continued to spearhead JAUSA Trading through the rebranding in 2018 to JAAH Private Limited and into new avenues through their first and remarkably successful foray into the real estate market.

We sat down with Mr. Jahudhan to discuss his ideas on Maldivian real estate developments, and how he has helped make JAAH stand out within the industry.

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W h at i s t he b ac kg rou n d of you r c om pa ny

What is the state of the real estate market in

in the field of construction and real estate

Maldives, in the opinion of a developer?

development?

The market is, in my opinion, still at a newborn stage.

M y family has been involved in the construc t ion

Yes, there are lots of new properties and developments

industry as early as 1981, when my father was running

popping up everywhere, but that doesn’t translate to

the company. JAUSA Construction itself was incepted

the health or maturity of the market itself. The clients

in 1992. This eventually translated to a lot of

themselves, prospective homebuyers, are still fairly

ac c o mplis hme nts tha t still ma ke us proud; seve r a l

new to the concept of buying and even newer to the

m i l e s to nes that weren’t just f irsts f or our comp a n y

idea of flipping homes. Financing is severely

b u t th e entire c o untry itself , such a s construct ion

underdeveloped, with a very stark absence of

of the first 10-storey building in the country, being

development banks. The laws itself are new and neither

th e firs t c o mpan y to use mobile cra ne concre t e

fully encapsulate the needs of the market nor

c as ting, and c o mpleting a building with eleva t or s

comprehensively protect developers or buyers.

f o r th e firs t time in the Ma ldives.

The simple act of introducing Development Banks, not T h rou gh th e c o n struction business, we expa n d e d

just for private contractors but also for Government

to tradin g ( J C C ) , so the next na tura l progres s ion

proje c t s s u c h a s H a r b ou r Proje c t s , c ou ld g re at l y

was into real estate, and we decided that our advent

improve the state of the involved industries.

i n t o re al es tate v entures should be reinsta ted w it h a l ux ury pro jec t the likes of which ha s not b e e n

All in all, there are far too many unanswered questions

e x p e rie nc ed by the ma rket so f a r.

and unexplored paradigms to deem this market anything further than newborn, but development is

W hat was your most memorable learning experience?

My most memorable learning experiences were while I w a s r u n n i n g J A U S A S i n g a p o re , e x p e r i e n c e s w h i c h I later introduced into JAUSA Trading Maldives

continuing so there is hope that these questions will all be answered soon.

What are the biggest hindrances or handicaps within the real estate market as of now?

when I returned. My exposure to the Singaporean Real

There are several hindrances stopping this market from

Estate m a r k e t t a u g h t m e t h a t t h i s t r a d e i s a l e a r n -

developing to its full potential. Human labour is an

i n g experience. Some of these may sound simple,

important one, because there are hindrances within the

like organizing a competent system to monitor and run

polic y le v e l t h a t c a u s e s proje c t s t o in c u r h i g h e r

the sales, but it translates to a wider approach that

development costs. Both quality and quantity of

is d i f f e r e n t f r o m w h a t w e s e e i n t h e M a l d i v e s

the locally available manpower is not adequate for the

currently. Singapore is service-oriented, and it was my

depth of the project itself, and so acquisition of staff

goal to take what I learned and apply that to our

with the right skill sets is often difficult and expensive.

business here, which I believe I have successfully accomplished.

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The most important issue is obviously logistics. All con-

struction material are imported, and delays often occur

It is still the same service standards and professional

because of the time it takes to acquire the relevant

ethics that our clients have come to trust and believe

resources, and the costs associated with it, along with

in, separated by name but similar in our business val-

transportation of these resources and material to the

ues.

actual sites.

What stands out in ‘The Gardens’, in terms of What led to your decision to rebrand your company?

innovativeness and uniqueness?

Everyone wants a roof over their head, but that’s not

Diversification is the way for businesses to grow and

all we provide. For one thing, I have met with almost

prosper, but the growth has to be directed properly.

every new homebuyer personally to make sure all their

JAUSA is a household name, but after a while it became

thoughts are heard and addressed to the best of our

obvious to me that with the diversification, JAUSA’s

abilities. We found this helped our product evolve

identity was getting lost. People are familiar with the

even after we introduced it, and some changes were

fact that we are involved in construction, but the name

made specifically with regard to clients requests.

was still very much associated with the sales of tiles.

So, in order to preserve the identity and the legacy of

We refuse to compromise quality for time. Some

JAUSA, we decided to separate our venture into the

people have compared our developmental stage to

trading and real estate market under the name JAAH.

others that are progressing faster, but speeding up

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the project almost always results in lowered quality,

about, including brand new technological advancements

and like I said, that is not something that we are willing

that we feel a lot of people in these interconnected

to compromise on. The trust that our clients have put

industries will find interesting as well. With these

in our hands to build them a home t h e l i k e s o f w h i c h

new projects, we will elevate the trading sector to a

t h e y h a v e n o t s e e n b e f o re i n Maldives is something

new level; perhaps it can be defined as a revolution

that we take very seriously.

of the industry.

When it comes to innovativeness, our development has some 36 pools within the same property. The terrace is expansive, and each homeowner gets their own private garden terrace area. The home spaces are all large enough to be considered luxurious, with high ceilings

What would you say is a common promise from JAAH Group and all subsidiaries to your c o n s u m e r s f o r a ny p r o d u c t o r s e r v i c e purchased?

and private and comfortable areas. We even installed

We will always sell our services, not just our products,

back-up generators at public areas for electricity

and that is how we differentiate ourselves from our

failures and water reserves for both buildings in case of

competitors. So even though our competitor may sell

water cut-offs. Every facility that we provide from our

a similar product as us, something as simple as a tile,

development is a facility that we provide at maximum

the service that we provide with it makes our clients

efficiency.

re a lis e t h a t w h a t w e offe r is s ome t h in g b e y o n d conventional sales. This begins from the moment we

At The Gardens, we provide a home, not an apartment.

greet the customers at the door, giving ideas and

Growing up in The Gardens will not make you feel like

expert opinions on the selection, and it doesn’t end

it’s just a place you are living on rent, but a space that

w h e n t h e c u s t ome r w a lk s ou t t h e d oor w i t h t h e

is inherently yours.

purchase.

What future projects or developments do you have in the pipeline that you are most excited about personally, and as the leader of your company?

Our slogan is ‘Quality you can depend on’ and that is the common promise we give to each and every customer. It doesn’t matter whether the product is a tile you buy from one of our retail shops, or an apartment that you buy from one of our developments;

The projects that we have in the pipeline now will

the quality will always be something you can depend

i n t ro d u c e a l o t o f n e w c o n c e p t s a n d n e w i d e a s

on, not just until you buy the product but for as long

implemented into existing businesses. My company

as y ou u s e ou r p rod u c t . Th a t is ou r de fini t i o n o f

has historically worked in construction and trading.

s e r v ic e or ie n t e d, a n d t h a t is ou r p romis e t o e ac h

Because of our history, it made sense to segue into

a n d e v e r y c lie n t .

the real estate industry. Now, in order to provide a better service in our real estate ventures, we have decided to diversify even further.

We have several projects that we are very excited

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A brand is more than just a logo, it is the unique identity encompassing everything your company is and everything you want it to be. You can have a logo that you are perfectly happy with, but you will still need to turn that logo into a brand and an identity that evokes trust and eyes of your customers.

We offer you a standardised, complete, and user-f riendly guidebook that will assist you in every step of the way on what to do (and not to do) with your logo, and help you ingrain your company’s intrinsic values to everything your customers see. Everything f rom the t-shirt being worn by your staff, to the napkins you use to serve your product all need to tell a story; your story.

Hasowa Building – 7th Floor | Boduthakurufaanu Magu | Male’ | 20252 | Maldives sales@dmmaldives.com

10 Good Reasons

To Invest In The Property Market Written by Rifaath Jaleel

Like in many other countries, investment in real estate in Maldives has always been a worth-while investment. When done correctly, real estate has proven to be one of the most popular and profitable investments with a lot of potential for success. In the Maldives, the most significant real estate investments made by the private sector to date have been made in the tourism and the residential/commercial sector. Industrial developments are also increasingly becoming visible.

Due to the natural growth in population and continuing in-migration from the outer islands/ atolls to Male’, a significantly strong rental market had been developing in the greater Male’ region since the early 1990s. Locals and foreigners have been investing in this sector in various forms. The lucrativeness of the returns has been extremely attractive, often averaging and sometimes exceeding annual returns on investments of 25% per year. This is excluding capital appreciation.

Investments in the tourism sector has also been steadily increasing since the 1990s. Some multinational companies have survived rough times in their domestic markets only due to successful investments made in the Maldives. Maldives is still continuing to grow in popularity as a popular holiday destination and tourism related investments have huge potential.

Investing in real estate offers many advantages, and investors can enjoy a steady income flow that may lead to financial freedom.Â

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Following are ten good reasons why you should consider making an investment in real estate:

Capital Appreciation Your properties will nor mally appreciate in value, especially considering inflationary factors. A very safe investment under normal circumstances. Investments in Hulhumale, Maafushi and other tourism destinations are recent examples with capital appreciation exceeding 150% over a period of 3-5 years, in many cases.

Generate Passive Income Your rental properties will work for you even when you are sleeping. It is also a very stable investment in comparison to many other investment options in Maldives.

Good way to save for the future.

It allows investors to actively save from income derived from property. When the investments are paid off, investors can either sell or continue to use it as a source of cash flow.

Build equity for the future As you pay off your mortgage, you build equity. As you build equity, you will have leverage to acquire additional properties and increase your cash flow.

Enjoy Tax Benefits Capital allowance or depreciation will help reduce your tax liabilities thereby increasing your retur ns.

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Real Estate Can Never be Worth Nothing A s i d e f ro m t h e f a c t t h a t m o s t p ro p e r t y v a l u e s usually appreciate, property values can never go down to zero, even during a difficult time.Â

Real estate investing has many benefits and is a great source of income. Because there is a large demand for properties, the value of real estate usually appreciates, increasing your potential for profit. You can also enjoy excellent rates of retur ns, amazing tax advantages and leverage real

Convenience in financing property purchase

estate to build your wealth.Â

In the case of many residential and commercial properties, a lot of property developments have pre-arranged financing arrangements with developers making it easy for investors to seek and acquire finance for their investments.

Treat your entrepreneurial spirit Investors can buy a property, fix it up and put it back on the market for a profit. Buying properties to ho ld and le tting them a pprecia te in va lue t o create wealth is becoming a popular option. Buying and selling is expected to become more and more common in the Maldives with the increasing numbers of investment options becoming available.

Mr. Rifaath Jaleel,CPA of MHPA is a financial,tax and property consultant with a wide range of investment expertise in the real estate sector. His experience includes several real estate investments in the Maldives, the Far East Asia and South Asia. He is a consultant to some of the

Provide cash flow for retirement Investing in property, when done right, is a stable way to increase wealth over a period of time. One of the many benefits of investing in property is that it can provide cash flow for retirement. This means it can help supplement your retirement years with income from your rental properties.

A hedge against inflation While most people fear inflation, this is not the case with property investors. Investing in properties is an excellent hedge against inflation.

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largest banks in the Maldives and undertakes project financing, real estate sector advisory and transaction advisory services to the Government, private sector and several foreign investors.

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Written by Ruba Ali

Tekton Design Associates (TDA) is, perhaps, the most well-known and respected name in the country when it comes to design and architecture, with specimens of their exemplary work scattered throughout the Maldives. From mosques to tourist resorts, TDA’s work s pea ks f or itself , ha ving now rea ch e d 3 0 y e a r s of s t e a d fa s t a n d superior services that has escalated TDA to the paradigm of their trade.

“Our Portfolio provides a testimony to our success as a leading architectural & interior design firm in the country. Having been trusted with the design of a wide range of settings is an assurance to our outstanding performance.”

The complete package of services delivered by TDA is both ranged and diverse, but every project goes through their personal 4-step philosophy of ‘analyse, conceptualise, plan and produce’, a philosophy that TDA cites as the key to their success.

TDA divides their key focus areas into five categories: inhabit, enlighten, engage, unwind and enshrine.

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Inhabit Inhabit is the area that is involved with homes and living. For TDA, this isn’t just about creating a h o u s e o r a p a r t m e n t o n t h e s p a c e p r o v i d e d , but t o h e l p t h e i r c l i e n t s b u i l d a h o m e . W h e t h e r the client requires a contemporary or conventional home, TDA considers it their duty to provide avante-garde ideas and designs to satiate the individual needs of the client.

“As a premier architect in designing and engineering apartment complexes, we have an obligation not only to serve our clients, but also to provide environments where the inhabitants can experience a meaningful life.�

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Enlighten Enlighten, as the name suggests, is about learning and studying. This area focuses on the lear ning environment, but once again goes beyond just constructing functional and practical classrooms.

Building a safe and comfortable lear ning space is, undoubtedly, creating the space where the most priceless assets of our country are cultivated and nurtured. TDA takes this job for exactly what it is; a precious privilege not to be taken lightly.

“We work all the intricate details to ensure that our sustainable designs create safe, healthy, and cheerful environments that improve overall student well-being and achievement.�

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3D rendering by Hisma Ismail

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Enshrine E n s h r i n e i s t h e a re a w h i c h re l a t e s t o p l a c e s o f worship. TDA proudly promulgates themselves as the leading islamic architects in the country, and with good reason. Several of the mosques that TDA designed has ended up becoming landmarks within the Maldives, places of awe as much as they are places of worship.

“Our designs are modern interpretations of traditional Islamic buildings for religious purposes where the details of traditional elements are incorporated into the designs which employ a rich tapestry of Islamic architecture.�

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Engage Engage deals with the workplace. The space where employees spend some 40 hours a week should be an engaging space, free of feelings of claustrophobia and other negative sentiments. TDA understands that facilitating innovation requires a pragmatic habitat, and that there is a crucial and direct relationship between the quality and ambience of the workplace, and employee productivity.

“ It is important to provide a good working environment; one that is comfortable, and fosters creativity and growth. Our professional designers have a wide scope of competence and experience to provide complete workplace design solutions.�

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3D rendering by Hisma Ismail

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Unwind Un w in d is t h e c e n t r a l foc a l a re a for TD A. I t ’s n o s urpris e in a country such as Maldives that the properties designed and prepared for our visitors are intrinsically established as the dominant segment for any fir m in the industry. In the same vein, visitors who come to Maldives are looking for properties that stand apart from anywhere else in the world, lavish and comfortable beyond compare, which TDA has been successfully providing since 1988 with a stellar track record that needs no further explanation.

“TDA has provided full consultancy services from conceptual design, architectural and engineering detailed design to consultancy during construction to a major part of the tourist hotel and resort development in the Maldives.”

TDA didn’t reach this prestigious position by chance, but through years of a persistent crusade to provide the most effective and efficient solutions by ‘treating clients like partners’. The value of clients assets and their businesses are kept on the forefront by each and every member of the staff; handpicked individuals who are scouted, recruited and developed into virtuosos capable of providing innovative and strategic solutions to actively address any and all needs that may arise.

Clients have trusted TDA with their dreams for the past 30 years, and TDA continuous to not only make these dreams come true, but improve them with their collective experience, vision and diligence.

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Intricacies & Importance of Compliance in the Tourism Industry Written by Ruba Ali

With 11 years of experience in the Tourism Industry, mainly with the privilege of working at the Governing body as a Quality Assurance officer, Mrs. Inara Mohamed, the Managing Director of Paperworks Private Limited has set up the only company in the Maldives which provides the service of standardizing and quality monitoring company in the Maldives. Specialized in Hazard Analysis Critical Control Point (HACCP) through SGS, Italy, her skill set covers all areas in Developing and Opening Tourism related establishments in the Maldives.

Mr Mohamed shamoon is the director and co-founder of Paperworks pvt ltd.

He graduated in 2011 and gained hands-on experience in the tourism industry after joining the family business in operating and managing live-aboard in Maldives.

Shamoon is self-taught and excels in the local laws and regulations regarding development, environment, and safety and security aspects of tourist establishments.

Shamoon and Inara’s work assures the stakeholders the most viable measures in compliance with local laws and regulations of Maldives.

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What are some of the most common problems faced during the licensing process for an island resort?

O u r la w s a n d re g u la t ion s re g a rdin g t h e e n v iro n m e n t , nature, and other aspects sometimes get misinterpreted, ma k in g t h e job more diffic u lt t h rou g h ou t de v e l o p m e n t if n ot c on s ide re d du r in g t h e be gin n in g of t h e p ro j e c t .

S e c on dly, de la y s d u e t o log is t ic s w h ic h in t u r n d e l ay s t h e proje c t t ime lin e . S ome t ime s t h e s e is s u e s l e ad t o pe n a lt ie s b u t t h is is a v oida b le if p la n n e d a h e ad an d bu dge t e d a c c ord in g ly.

How does the required paperwork differ between different types of hospitality properties?

Th e a pprov a ls v a r y for e a c h t y p e of e s t a blis h m e n t an d a ls o d iffe r s d e p e n d in g on t h e t y p e of a pproval e v e n for t h e s a me e s t a b lis h me n t . M os t a pprov a ls for re s o r t s a re gr a n t e d by t h e M in is t r y of Tou r is m. F or in s t an c e , obt a in in g t h e Approv a l for a c on c e pt of a re s ort d i ff e r s from t h a t of ob t a in in g t h e a p p rov a l for c on s t r u ct i o n for that particular concept. In addition, the documentation a n d proc e s s e s a re e v e n more v a r ie d if t h e re a re are as c on c e r n in g t h e e n v iron me n t .

O n t h e ot h e r h a n d, t h e re a re n o pr ior a p p rov a l s t o t h e c on s t r u c t ion of a gu e s t h ou s e b u t t h e op e r a t in g l i c e n s e is re qu ire d t o b e ob t a in e d from t h e M in is t r y of To u r i s m prior operations. But for a Tourist Hotel, the construction permit and other formalities are required to be completed.

Documentation for the process differs from that of resorts a s w e ll.

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W hat would be the easiest way for a property owner or operator to protect themselves from incurring fines through changing regulations and standards?

W h e n de v elo ping or opera ting a property, es pe c ia lly re s o rts , it is always a n a dva nta ge to use a not h e r pa ir o f ey e s , e s pec ially when there a re ongoing cha n ge s in th e pro c e s s es and upda tes to the la ws a nd re gu la t ion s in the country to cater to the growing tourism industry.

T h e mo s t ide al solution f or a n owner/operat or is t o h i re a c o n s ultant who is a lwa ys up to da te w it h t h e c h a nges in laws a nd regula tions a nd is a lwa ys w illin g to g o to th e ex tra m ile.

P aperwo rk s , as a third pa rty, ensures tha t our c lie n t is i n c o mplian c e wit h these upda tes a nd a lso a s s is t s in the challenges faced during development and operations.

How extensive is Paperworks’ scope in the Tourism Industry?

P aperwo rk s ac t as a m edia tor between clients a n d t h e g ov er nme nt authorities a nd ensures tha t a ll re le v a n t d oc ume ntatio n is up to gover nm ent sta nda rds p r ior t o submission. In doing so, the process of obtaining ap pro v als are fas t er ra ther tha n going ba ck an d for t h w i t h c o mments and rectif ica tions.

Gover nment officials are some of the most hardworking p e o ple in the in dustry, ma king sure tha t the in d u s t r y is up t o t h e s t a nda rd f or the i ncrea si ng nu mb e r o f to u r is ts an d in v estors. For a n investor or de v e lope r, th e mo s t impo rtant thing is to sa ve tim e a nd se c u re t h e i n v es tme nt, we at P a perworks strive to m a ke th e ir w or k h a ss le-free an d assure tha t the dea dlines a re a c h ie v e d b a se d o n the c lients’ tim eline.

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I n a ddit ion , w e offe r t h e s e r v ic e of mon it or i n g t h e prope r t y for s t a n da rd s re qu ire d b y t h e G ov e r n m e n t of M a ld iv e s , s o ou r c lie n t c a n re s t a s s u re d t h at t h e y a re a bidin g by t h e re s pe c t iv e la w s a n d re g u l at i o n s t h rou gh ou t t h e ope r a t ion s .

W hat are the different stages during which Paperworks assist their clients?

Since Paperworks is dedicated to the Tourism Industry, we provide administrative assistance for Tourist resorts, Hotels, Vessels, Guesthouses and Travel Agencies during all stages prior to opening and during operations.

Development, where we work with the client in acquiring Mobilization permits, Environmental Impact Assessment approvals, etc. Design drawings are required to be approved in order to obtain the construction permit from the Ministry of Tourism. During this process, we work with the owners, the designers, and any other related third-party consultants.

Paperworks will function in tandem with the client’s team until the Ministry issues the operating license for the property.

Pre-opening is the second stage, where the project would be near completion and we work with the owners and operators standardizing the property up to the prerequisite standards by the government in order to acquire the operating license.

Next is during Operations, where we offer retainer services to clients by regularly monitoring the property for standards required by the Government of Maldives. All of Paperworks’ retainer clients are ensured that they are abiding by the respective laws and regulations throughout their operations and that they do not breach and have to face fines and penalties due to non-compliancy.

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W hat are the types of retainer services offered by Paperworks?

C u r re ntly, Paperworks ca rry out two types of re t a in e r i n spe c tio n s : S t andard re po rting inspections where points w ou ld b e h i g hlighted fo r the opera tor f or im plem entat ion , a n d S c ore re po rtin g for m a t, where a ll inspected a re a s a re given a score based on compliance. The reporting format re tainer in s pec tions ca n be customized f or eac h c lie n t b a se d o n their pref erences.

About Paperworks Paperworks offers expert consultancy services to owners an d o perato rs o f the tourism industry through ou t a ll s tage s o f de v elo pm ent of tourist f a cilities, be gin n in g w i t h th e initial s tage of construction to the o p e r a t ion o f the fac ility. Paperworks ha ndles a ll ta sks re la t e d to obtaining necessary permits required for construction a nd operation with the objective to standardize the facilities in accordance to the respective government regulations c o v erin g to uris m sta nda rds, f ood hygiene, f ire s a fe t y, an d e nv iro nme nta l pra ctices. Ha ving worked w it h ov e r 20 openings and with over 7 significant retainer clients, Paperworks is the only company that provides a one-stop s o l u tio n o this s c ale throughout the Ma ldives.

www.paperworks.com.mv

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in the Capital

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Written by Fathimath Maisaan (Mai)

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The Maldivian archipelago has been influenced by both western and middle eastern culture. This is most notable within the Greater Male’ area, the capital region, where you can find a veritable range of establishments that offer multi-national cuisines and drinks for your enjoyment. The newest noticeable trend that is the specialty coffee culture is slowly taking its roots. Locally roasted and brewed concoctions are taking over the nightlife scene, so here are a few ‘must go’ places if you are visiting the capital region.

Family Fun: A Third Space Concept Located at the beach area in Hulhumale’, Family Room by Coffee Lab Maldives is one of the leading third wave coffee hubs in Maldives. It gives off a homely ambience with the colorful interior of a cozy space along with an array of games and bookshelves for all ages, providing customers the opportunity to go through books of their choices while enjoying the serene atmosphere. It goes without saying, you can surely experience the variety of notes from coffee beans from Family Room by Coffee Lab Maldives, as well as a lovely selection of delectable desserts and fresh grilled dishes.

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Music lovers’ Haven Rock Chamber; the name itself provides a definition about the atmosphere of the place. Nestled in the heart of Hulhumale’, the coffee shop is known for creating a space where music is highly appreciated. The decor is out of the standard, with framed music records and musical instruments. Even the items on the menu are named after legendary songs and pieces of music. It is definitely rock & roll haven for all music lovers.

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An Open Space for Artists Other than being the hype place for artists and professionals alike, you can definitely expect to see a variety of art here.

Derived from Modern Greek, Meraki is true to its meaning when it comes to being passionate about coffee and making a stand with concoctions of numerous unique specialty coffee and tea beverages. Soul, creativity and love can be found embedded into every cup o’ joe and within the place.

Meraki exudes a rustic and vintage vibe, from the red bricks used on the wall to the display of different instruments used to create the perfect cup of coffee.

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A Coffee-Scented Sanctuary For lovers of coffee who need a quiet place to sit and have a conversation away from the noise and bustle of Male’ City’s streets, the Civil Coffee Society (lovingly abbreviated to CCS) is the perfect place. Situated on a busy main street yet somehow tucked away like a magical nook, the scent of high quality coffee fills the senses from the first step inside the warmly lit space. Offering a vast selection of coffee and other beverages, and an equally delectable variety of freshly prepared pastries and sandwiches, CCS is the place to go for a romantic coffee date at night, or casual business meeting during daytime. The almond croissant is especially popular, and is the perfect accompaniment with coffee for anytime of the day or night.

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Loosen up, Laugh, and Lounge The atmosphere, the lights, the music, the baristas, and the incredible coffee; Alp is the all-around go to place in Male’ City for those looking to just hangout, do nothing, and still have an incredible time. You never know what kind of music or tasty treats will be waiting at Alp, but one thing is always consistent; a cup of deeply satisfying coffee with every visit.

The rustic wooden decor will make anyone feel at home, and the large overhead tree branch with warm lights hanging down gives the illusion of sitting under a forest canopy laden with luminescent fruit. The relaxed, almost soporific vibe will melt away even the most stressful day, and the coffee is worth coming back for more again and again.

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Revolution of Coffee in Maldives Contrary to popular belief, the coffee industry has been expanding right under our noses in Maldives. Considering the value and impact it has had on people, it’s not surprising to hear specialty coffee or third wave coffee has taken roots inside our hearts as well as the coffeeshops; each sip brings with it a fresh aroma and the boost of euphoria.

The third wave of coffee is a movement to produce quality coffee beans that are processed and roasted using different techniques, to provide the full experience for the consumer while bringing consciousness about the importance of the supply chain. You can be sure to learn a lot more about the cup of coffee you normally enjoy during your day by asking the baristas at your local specialty cafe’. From certain flavor notes to the distinctiveness of the beans, it creates a story for the consumer on the value and hard work it takes to create an artisan product.

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Cocoon Maldives Maldives’ First Design Resort Written by Ruba Ali

Cocoon Maldives, located on ‘Ookolhufinolhu’ island in Lhaviyani atoll, prides itself on its epithet of ‘First Design Resort in the Maldives’. This begs the question, in most minds, what exactly is a design resort? What makes Cocoon Maldives so confident in their assertion, and how does that reflect in how they approach their visitors?

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What makes Cocoon Maldives a Design Resort?

Cocoon Maldives is 7 hectares of pure attention to detail.

T h e reas o n wh y t hey a re ceremoniously (a nd r igh t ly ) du bbe d t h e fir s t Design Resort in the Maldives is because of the design itself; conceived from the mind of world-renowned Italian interior designer Daniel Lago, and reinforced by every single member of the Cocoon Maldives staff.

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The Ambience The theme of the resort, translated throughout all 150 villas, suites and the entirety of the hotel, is an idea of lightness in contemporary themes to compliment the ‘naturally-relaxed’ tenor that best describes what it’s like to visit Maldives. Streamlining the feelings elicited from floating on Maldives’ crystal-clear lagoons resulted in a theme of ‘floating weightlessness’ throughout the resort. This ambience and mise-en-scène is created with details such as floating beds, glass-legged fur niture, swings and even colors that provoke the desired emotions; all used throughout the island resort, all encapsulating this singular theme. Extensive care is taken to ensure luxury is experienced intrinsically at every tur n without being obstructive to the true meaning of Maldives, with delightful little surprises thrown in, like rustic 200 year old wildwood tabletops.

It’s no surprise that Cocoon Maldives has garnered itself a stellar reputation and several prestigious awards including consecutive iterations of Leading Designer Hotel / Resort.

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The Amenities The amenities at Cocoon Maldives all follow the motif translated in the interior and architecture. There are all the usual facilities expected from a 5-star property, and them some.

There are two bars, the pool-side Loabi Loabi Bar that hosts daily Live DJ events and the equally cleverly named Kurum-bar, with hammocks and lounges perfect for unwinding with a drink in hand. There are also three eateries to choose from. Octopus Restaurant is the main one, dedicated to Asian, Italian and Chinese cuisine, along with fresh grilled dishes and a centrally placed glass-walled wine cellar home to exquisite wines from around the world. Palm Square is an open air restaurant located on the beach, surrounded by its namesake palms and designed with Arabian influences translated through pillowed floor seating, lanter ns and shisha pipes. The third eatery, Manta Restaurant, boasts an inter national menu and is exclusively fine dining. The restaurant is located over the waters of Cocoons’ turquoise lagoon; the sensational view is second only to the delectable dishes available.

Cocoon Maldives is also home to a Water Sports Center and a Dive Center, offering equipment and activities to imbibe tranquility or fuel the rush of adrenaline. The island resort is conveniently located within easy access to dozens of awe-inspiring dive sites including underwater shipwrecks, shark-watching points and areas frequented by manta rays and turtles in addition to the aquatic flora and fauna that Maldives is renowned for.

The list of amenities continue to the Cube Spa, where Cocoons’ resident spa therapists offer treatments from across the globe, all customized to heal the mind, body and spirit. The Kids Club welcomes all children and offers activities that are exciting and entertaining to young minds, and is overseen meticulously by professionally-trained staff. There is also a fully-equipped gymnasium, free W iFi, and activities ranging from night fishing excursions to private sandbank picnics and cultural shows; any amenity that crosses the mind of Cocoon Maldives’ guests are promptly addressed.

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The Attendants Maldives resorts are revered throughout the world for their exceptionally high calibre when it comes to service standards. After all, a hotel is only as good as the service it provides, and the service is only as good as those tasked to provide it.

The attention to detail marked throughout the island resorts’ infrastructure has been fully assimilated by members of the staff. Every staff of Cocoon Maldives is handpicked, professional and dedicated to upholding the brand and the standards that are expected from the First Design Resort in Maldives. From the Butlers to the Babysitters, the Multilingual front office help to the Pilates Instructors, each member plays their role as an essential and integral part of the Cocoon experience. Be pampered, be awed, be surprised and char med, and always be served with a smile.

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Great Builders, Great Leaders, Great People Written by Ruba Ali

The construction industry is one that constantly changes and improves with a variety of new technological developments every y e a r. Re it e r a t ion s a n d imp rov e me n t s t o t h e s t a n d a rd p roc e d u re s come equally lightning fast, and keeping up with those improvements a re of v it a l imp or t a n c e t o a n y c omp a n y t h a t w is h e s t o re m ai n s u c c e s s fu l in t h is in d u s t r y. S imp ly look in g a t t h e s t a t is t ic al d at a for imp or t of c on s t r u c t ion - re la t e d ma t e r ia ls in t h e M al d i v e s s h ow a w h oppin g grow t h of 5 1 % p e r a n n u m; a lit t le ove r U S $ 1 2 0 million .

In this steadily changing industry with such positive and exponential g row t h , de ma n d is h ig h a n d a s s u c h , s u pply mu s t c on t i n u e t o g row w it h it . W h ile t h e t a rg e t of e v e r y bu s in e s s re mai n s t h e s a m e , the route that a company takes to add more names to that growing lis t of s a t is fie d c lie n t e le c a n b e v a s t ly diffe re n t .

O n e loc a l c omp a n y, Va n qu is h e r C on s t r u c t ion C ompa n y (V CC) has been made it the core of their business ethos to set themselves apart by following a simple philosophy: build a portfolio of re t u r n in g , loy a l c lie n t s . F or VC C , t h e p u r s u it of s u c c e s s d o e s n ’t c ome h a n d in h a n d w it h s imp ly bu ildin g a re s or t , or home; the point is to provide a service complete e n o u g h t h a t t h e i rs wou ld

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b e t he firs t name to come to m ind when the c lie n ts th in k s abo u t a ny other project in the f uture .

“We don’t just complete the project and then handover to our client.” Mr. Ismail Ibrahim, the General Manager of VCC, explains. “Yes we would have done everything that we are contractually obliged to do, but that isn’t the philosophy of VCC. We stick around until we are sure there are no errors within the service we have provided. This includes various tests, surveys and site visits to make sure everything works and is constructed to the precise needs of our clients, because we follow what we like to call a ‘win-win partnership’ model. Our clients win by getting a service that reaches and exceeds their expectations, and we in turn win by gaining loyal and returning clientele.”

Most industries, especially the ones with the highest GDP contributions in the Maldives (such as tourism) iden t i f y returning customers as the lifeline of their business.

As such, it’s not a completely novel business model th a t VC C is e mploying, but it is ref reshing wit h in th e s no wballing Ma ldivia n construction indus t r y where we are experiencing such a surplus of demand an d s ho rtage o f supply.

T h e mo de l th e c ompa ny ha s been f ollowing s in c e V CC ’s inc eptio n in the yea r 2000 revolves a rou n d two main strategies. First is internal; a company-wide policy encouraging shared performance responsibility

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b e t we en all e mployees through a consta nt f o c u s

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on buildin g a ‘ pe ople culture’ within the compa n y.

Photography: Bith-O

“The role of leadership is to create an environment for our employees to be successful.

Our success depends on the achievement of each individual in our company, so we consider it the duty of the management to provide challenges and opportunities, wherever possible, for our employees to foster positive personal and technical growth.”

“Talented, inspired and motivated people can accomplish extraordinary results.”

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T h e s ec o nd is , as expected, exter na l: m a inta in in g a s tro ng fo u ndation of trust a nd m utua l resp e c t g e n erate d thro ugh positive rela tionships with c lie n ts , arc hite c ts , engineers, subcontra ctors a n d s u p plie rs .

“We provide the project owner and architect the control of the project’s schedule, budget and quality. Our team of industry-renowned professionals provide clients with all

VCC Pvt Ltd provides complete

necessary studies and expert advice in

solutions in pre-construction,

construction means and methods, including

construction management,

mockups, samples and investigations of

general contracting,

existing product installations.”

sub-contracting and design-build.

“It is imperative,” Mr. Ismail Ibrahim stated, “that the owners’ interest is represented throughout the project, from start to finish.

Ensuring schedule compliance, coordinating proper document control and optimizing our clients’ investment is the fundamental basis of our business

Photography: Bith-O

philosophy.”

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Islamic Banking diminishing Musharaka and What it Means For You Written by Ahmed Shabeen

Acquiring or developing our own land has been a never-ending issue with the Maldivian community. Some 52% of local population are middle class citizens earning average or minimum wage, and the cost of living rising every year doesn’t help with this situation. It’s no surprise that most have little choice but to find financial aid through loans in order to raise enough capital to own or develop our own space. This often leads to further struggles of confusing interest rates and rules the average citizen has severe trouble understanding.

This is where Maldives Islamic Bank (MIB) comes in; the very first financial institution to practice Islamic Banking in the Maldives.

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Islamic Banking 101 For those of you who don’t know, Islamic Banking mainly follows two fundamental principles. The principles of Islamic banking are the sharing of profit and loss, and the prohibition of the collection and payment of interest by lenders and investors.

Now, the question would be, how does this affect or help the average person?

Home Loans made simple A 1-2 room apartment currently goes between 2-4 million MVR. This means an average civil service worker earning a salary of 9000-12000 would not be able to afford to purchase an apartment outright even inclusive of pension savings, and must rely on a loan. MIB offers an option for real estate financing which allows any candidate (who qualifies through the screening process) to be able to buy this estate, and own it, within a span of 20 years. This service goes by the name ‘Diminishing Musharaka’.

Diminishing musharaka The process itself is quite simple. The Bank and the candidate both contribute the agreed upon amount and buy the land or property in the form of a partnership, rather than lender and lendee. The shares of this estate are distributed amongst both partners, according to the amount of contribution in relation to purchase price of the estate, in order to create a joint ownership over the estate. The Bank requires that the qualified candidate contribute a minimum of 20% of the total price initially as an advance payment.. However, this amount can be a combination of both the candidate’s pension fund as well as the existing savings.

During the financing tenure, the candidate will purchase the

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shares owned by the bank (maximum of 80%) at cost price, which the bank has paid for the estate. Simultaneously the ownership share of the Bank will be leased out to the candidate at a rate of 10-12% which will be diminishing according to the Banks shares purchased by the candidate.

The shares of the estate which are owned by the bank gets transferred to the candidate as he/she completes each payback milestone, until the entirety of the payment is done.

When the payment is complete, the share transfer would also be complete, making the candidate the sole owner of their invested estate.

how is Diminishing musharaka better than a regular loan?

This is, comparatively, a much better option to housing and development loans provided by conventional banks and loans facilities on all aspects, especially financial. A l o a n released by a conventional financial institution usually charges their interest rates on the remaining amount on a monthly basis, In contrast, MIB sets a floating rental rate that changes at an initially agreed frequency. If you do the simple math, the difference will astound you without a doubt. Even for a tenure of 20 years, an average person would suffer the impact of the conventional compounding interest in the process. However, they would be relatively satisfied with the investment they put in the Diminishing Musharaka.

The best part is that MIB would allow the candidate to see his/her payment plan in detail, which would not change as the Bank wants, whereas, conventional loan repayment may change based on how the candidate pays back the loan.

So why not go for a safer and more worthwhile option? I know I would. Especially with valuable assets like land and property which should not be compromised for any condition or reason.

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Photography: Bith-O

Written by Ruba Ali

In an industry as competitive as construction, experience and innovation are two equally essential sides of the same coin. Mr Saudulla Ahmed, Managing Director of SAS e Construction Private Limited has both.

With over two decades of experience in the industry, and a penchant for applying creative solutions to difficult hurdles, Mr Saud has led SAS e through building a high profile portfolio of success ever since inception in 2013. Mr Saud and SAS e are currently involved in one of the most prolific projects in Maldives to this day, and has also recently won the award for Excellence in Construction and Real Estate at the Maldives Business Awards 2018.

Mr Saud’s surprisingly laid-back personality was in sharp contrast to his clear vigor when he talks about his vision for SAS e from the beginning, and his journey to accomplishing his goals.

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“The idea to begin SAS e came around 2013, between myself and some of my good friends who have all been deeply involved in different areas of this industry for a while. After working as individuals at a leading level through multiple prominent projects, we decided to branch out together and do our own thing, be our own bosses. We all had experience in different areas, and pooling our collective knowledge together sounded like a recipe for success to us.” Mr Saud explained.

“The first project that we ever received was very minor (some room renovations at Jumeirah Vittaveli) but after successfully completing that project we realised we have the capacity, and potential, to take on even bigger and far more complicated ventures. Now, we have that capacity fulfilled and we have the fleet and the equipment that allows us to take on extremely large projects with ease, without much hassle or roadblocks.”

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Photography: Bith-O

“I have a lot of passion for my work, and I am someone who enjoys going out into the site itself and getting myself in the thick of the work as it is ongoing. When I get a project, I think of it like a baby that I am nourishing; I consider the project to be my own. I raise that child: I construct that project. When the architect draws the lines, we make it a reality. Take the Emboodhoo Finolhu project for example. There is not even 1mm difference between the drawing made by the architect and the aerial photographs that we have taken recently. That’s exceptionally difficult to accomplish, and I take great pride in myself, my partner and my team for it.”

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SAS e has now become one of the most accomplished construction and real estate company’s in the country, taking over the prestigious Emboodhoo Lagoon construction venture. SAS e specializes in dredging and reclamation, coastal protection, infrastructural projects including harbor construction, general construction, utilities, civil works, resort construction and ID works and solutions.

SAS e is now also venturing into landscaping due to high demand from customers.

“This is one of the mostly hotly debated topics today; removing trees and palms from their natural habitat to use in resort development and other construction projects. I want to plant trees and cultivate a natural terrain (nursery) from where it will no longer be environmentally, ecologically or ethically incorrect to displace and replant trees during projects.�

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SAS e is a company that has extensive interest in ecological sustainability; afterall the ‘e’ in SAS e stands for environment.

“We chose not to market ourselves as such, but our sites have been free of single-use plastic for years now.” Mr. Saud said with a smile “All mess rooms, even temporary ones, have plants installed for water. Of course sometimes we use bottled water for meetings when delegates arrive, because they may want such, but we have cut out 99% of all single use plastic from all our operations.”

“I think, even during our last project, we spent some USD 300,000 on environmental monitoring alone, something a lot of companies may try to take a shortcut with. We may not be a carbon neutral company yet, but every member of the SAS e staff understands how important it is that the least amount of harm come to natural ecosystems during the course of our work.”

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Talking about some of his favorite projects that he has worked on so far, Mr. Saud lights up as he discusses Emboodhoo Marina and the Equatorial Convention Center.

“Emboodhoo Marina is the first marina in Maldives, We did all the work of dredging the marina and constructing the quay wall (revetment), including installing the steel piles for the pontoons. Imagine installing every single pile to a 5mm accuracy, in a circular ring, through unpredictable waves and water current. That felt like an accomplishment that I could talk about for hours.”

“One of the other projects I did that I am exceptionally proud of is the Equatorial Convention Center constructed in Addu for the 5th Saarc Summit. I was the GM and Project Manager of the company that handled that project. I think a majority of Maldivians didn’t believe the project will be finished on time.

Handing the project over, completed on schedule was a wonderful and exhilarating experience. It is a one of a kind place, a landmark in the South, and leading the talented and hardworking team that made that happen was a privilege.”

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Photography: Bith-O

Mr Saud is also a humble man, maintaining that the key to his and his company’s success are the people who work for him.

“Nothing can be done by yourself. You need team work, patience and dedication. As a leader, I make sure to attend to every need of the employee if they ask; I want my employees to know that they are important. I encourage my staff to visit their families thrice a year, and I always make sure to try to give them whatever they want. They live in comfort in air-conditioned staff quarters and they eat on an open budget because I know that only happy employees do good work. I take special notice of staff who do well, who take initiative and do their work well without further supervision, and I will make sure they know that I notice by offering proper compensation, monetary or otherwise depending on their individual wants and aspirations.”

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When asked about his advice for those who are looking to make their name in this industry, Mr Saud recommends getting rid of the word ‘impossible’ from their personal dictionaries.

“There is no such thing as impossible, always keep that in mind. There is a great scope for success in the construction and real estate industries in the Maldives, and there’s potentially untapped markets just waiting for someone to come and nurture it. Don’t be afraid to take risks and challenge yourself, and the limits that you have set on yourself. We need more local contractors who are willing to dream big, because success comes to the brave, not the complacent.”

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Tile it on Written by Asy

One of the most important decisions when you are building or renovating your place is the selection of tiles. Unlike a paint color or other fixtures and fittings, tiles are ‘semi-permanent’, difficult and costly to change once they are in place.

To make your job just a little bit easier, here are some easy tips to keep in mind when selecting tiles.

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Gloss or Matt Tiles?

Gloss tiles are shiny and reflective, and is usually used on walls. It is a good tile to use in small spaces as it allows light to bounce back and helps open up the space. They are easy to clean, but can also easily develop tough water and soap stains if not cleaned regularly.

On the other hand Matt tiles are easier to clean and tend not to reveal smudges and water stains so readily. They are not reflective, so they are best used more often in spacey rooms or those with good lighting.

Most moder n homes use a combination of gloss and matt tiles, especially if it is a small one as this helps create illusions of light and texture. An ideal design uses gloss tiles on one feature wall, and matt for the other three walls and flooring.

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How Slippery is it?

The slip factor is especially important when you are choosing tiles for your flooring. You really don’t want to do an impromptu waltz on your new kitchen floor with the dishes. Thankfully, all tiles come with a slip rating.

PEI Class 1 Rating (No feet please) These are recommended for use on the walls only.

PEI Class 2 Rating (Tread lightly) Can be used for walls/floors, but maybe with a rug if you are using it on floors.

PEI Class 3 Rating (Step on it) Used most commonly for countertops, walls, and floors.

PEI Class 4 Rating (Power walking) These are recommended for home use as well as medium commercial & light institutional use.

PEI Class 5 Rating (Dance a jig) The safest as they come recommended for all residential, heavy commercial and institutional applications.

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Tile Trends in 2019 Tiles patter ns come and go with the trends too, and these are the hottest upcoming tile trends for 2019.

Piles of Patterns Be bold and showcase your creative side by mixing it up with a couple of patter ns. Go big with your home.

Honeycomb Designs Why be square when you can be hexagonal, right?

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Espresso Tones Bring in your love for coffee into your bathroom too. The coffee tones are proven to be deeply calming.

Fish Scale Tiles These look especially amazing in various shades of blue and gives an exciting dimension of light, especially glossy, reflective tiles on walls.

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Written by Selvem Durasamy

Malaysia’s property investment is now one of the cheapest in South East Asia. There is potential of growth in property investment by foreigners. Malaysia is politically stable, the economy is growing, free of natural disasters and multi-ethnic with well diversified culture.

Malaysia was rated as the The World’s 5th Best Place to Retire in 2018 by internationalliving.com Malaysia is one of the top spots for retirees and investors alike. Buying a property is fairly easy and the process comparatively transparent.

You’ll also enjoy a great quality of life with costs that are surprisingly low. Malaysia has some of the most generous and favourable ownership regulations for foreigners in Southeast Asia.

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Why should you choose Malaysia for your second home?

•

Direct foreign ownership allowed

•

Security in legal ownership with title document

•

Can own landed property

•

Can own freehold properties (held in perpetuity)

•

Can own unlimited number of properties

•

Low entry point only Ringgit Malaysia (RM) 1,000,000 (USD250, 000) to own a property

•

Freely allow to sell any time in the open market

•

Foreigners can purchase bulk units, buildings, hotels, lands and projects

•

No capital control and repatriation restriction for property investment and gains

•

Liberal property financing for foreigners for MM2H participants

•

Minimal Tax on disposal. Real Property Gain Tax after 6th years onwards is only 10%

•

Legal fees, stamp duty and reimbursements payable for purchase and selling for foreigners is same as local Malaysians

•

All properties with value lower than MYR10 million does not require Foreign Investment Committee approval

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Courtesy of Setia Sky Seputeh

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Courtesy of Setia Sky Seputeh

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What are the advantages of investing in Malaysian Property?

Still super affordable Despite the high growth over the last two decades, Malaysia remains an affordable place to buy. In the right places, you can get great value for money. The Malaysia Ringgit is also relatively weak in relation to many currencies at the time of writing this.

Buying costs are low Compared to Singapore, Thailand, Australia or the UK, the buying costs are still incredibly low at circa 4-5%.

Financing available and free flow of capital A number of banks are eager to lend to foreigners, and there is no restrictions on the transfer of capital (funds) to and from other countries.

Relatively low capital gains tax The capital gains tax that the Malaysian government imposes on the sale of property is relatively low compared to other countries in the region - especially if you hold the property for more than 5 years.

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What are the extra fees to pay while purchasing property in Malaysia?

Sale and Purchase Agreement Fees The Sales and Purchase Agreement is the most important document that buyers will have. These are the proof that the buyers have purchased a property, whereby the contract will contain all the facts and blueprint of the property. The charges for these follow a transacted value tier.

For The First RM500,000 – 1.0% (Subject to a minimum fee of RM300.00) For The Next RM500,000 – 0.80% For The Next RM2,000,000 – 0.70% For The Next RM2,000,000 – 0.60% For The Next RM2,500,000 – 0.50%

Stamp Duty on Memorandum of Transfer (MOT) The MOT is only paid when the development is completed. These are the fees that the purchaser has to pay for transferring the property ownership from the developer name into the owner’s name. The charges for these fees also follow a table: For The First RM100,000 – 1% of the transacted value of the property For The Next RM500,000 – 2% RM5,000,001 and above – 3% Property bought under bank financing would require you to pay the loan agreement fee as well as stamp duty.

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Courtesy of Setia Sky Seputeh

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Courtesy of Setia Sky Seputeh

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What taxes are levied from Foreigners?

Real Property Gains Tax (RPGT) is a form of Capital Gains Tax that is imposed on the disposal of property in Malaysia. Based on the Real Property Gains Tax Act 1976, RPGT is a tax on chargeable gains derived from disposal of property. A chargeable gain is the profit when the disposal price is more than purchase price of the property. RPGT applies to both residents and non-residents.

You will be only be taxed on the positive net capital gains which is disposal price less the purchase price less the miscellaneous charges such as: stamp duty, legal fees, advertisement charges and real estate agent fee, etc. The holding period is from the date on the S&P agreement till the disposal date.

Are there any restrictions for Foreigners buying their second home in Malaysia?

Malaysia Government imposes a minimum purchase price for foreign property buyers.

This is generally based on three things: •

Where the property is located (typically which state it’s in)

• •

The title of the property - strata or individual title Whether the buyer holds a Malaysia My Second Home (MM2H) visa or not

Presently, the guideline is Ringgit Malaysia 1,000,000 for non-landed residential properties in Kuala Lumpur and currently Selangor has set the highest minimum price at which foreigners can buy a property (Ringgit Malaysia (RM) 2,000,000 in most areas of the state).

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Malaysia My Second Home (MM2H)

Malaysia My Second Home (MM2H) programme is a programme tailored to foreigners who wish to stay in Malaysia for a long period of time (10-year renewable visa). A large number of foreigners who is frequent business travellers or used to work in Malaysia applied for this programme for their retirement in Malaysia.

Before putting in an application, foreigners below 50 years of age are required to prepare a minimum of RM500,000 in their Fixed Deposit whereas those aged above 50 years of age need to have at least RM350,000 in similar accounts.

Despite the relatively high requirement, one clear advantage is that MM2H gives foreigners access to property with lower value. The table below, shows the lowest value of property foreigners can buy with/without MM2H:

MINIMUM THRESHOLD FOR STATE

FOREIGN RESIDENTIAL

WITH MM2H

PROPERTY PURCHASE

Terengganu,Pahang, Kuala Lumpur, Putrajaya

RM1 million

RM1 million

and Negeri Sembilan Selangor

RM2 million

RM2 million

(for Zones 1 & 2)

(for Zones 1 & 2)

RM1 million

RM1 million

(for Zone 3)

(for Zone 3)

RM2 million (landed property in international zones) Johor

RM1 million (strata title & landed

RM 1 million

properties within non-international zones, except for Medini) Kelantan & Sabah

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RM1 million

RM500,000

RM1 million

Perak Kedah

RM600,000 (Kedah) RM1 million (Langkawi)

RM350,000 No minimum

Perlis

RM500,000

RM1 million

Sarawak

RM500,000

RM300,000

Penang

Malacca

RM2 million (island) RM1 million (mainland)

RM350,000

RM1 million (landed title)

RM1 million (landed title)

RM500,000 (strata title)

RM500,000 (strata title)

*Zones in Selangor Zone 1 – Districts of Petaling, Gombak, Hulu Langat, Sepang and Klang Zone 2 – Districts of Kuala Selangor & Kuala Langat, Zone 3 – Districts of Hulu Selangor and Sabak Bernam **In Selangor foreigners only allowed to buy landed properties if they have strata titles - which usually in gated & guarded developments.

Courtesy of The Sentral Residence

Financing Facilities for Foreigners Investing in Malaysia Property

Most bankers in Malaysia adopt a liberal financing system to all foreigners.

They provide a full range of financing facilities for foreigners investing in Malaysia’s property from Conventional to Islamic banking to choose from.

Property financing approval are based your personal profile & property profile

Margin and Tenor of Financing The amounts which you will be approved, varies based on these factors:-

•

Type and Location of the Property

•

The valuation of the Property

•

Borrower age and Income

•

The type of visa you are currently holding in Malaysia. For an example, Malaysia My Second Home 10-years visa holders will usually entitled to higher margin of financing, up to 80%

•

For some countries, the bank may perform a World Check on your profile and background

In general, most foreigners are able to get margin of financing up to 70% and the length of loan can range up to 30 years or to maximum age of 65, whichever is earlier, at the discretion by the bankers.

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Courtesy of The Sentral Residence

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Courtesy of The Sentral Residence

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How to get started

Buying property overseas needs thorough consideration and planning. Future outlook, capital appreciations, the rental yield, living standards and personal preferences are important aspects to many investors.

Malaysia as one of the most favourite foreign friendly countries in Asia, in terms of foreign ownership regulations. Medical care, living standards, better infrastructure and other personal preferences like English proficiency, multi-racial, multi-religious and multi-cultural aspects. Malaysia offers some of the most favourable foreign ownership regulations in the region.

At Richland Properties, complete service is provided, acting as your Independent Investment Consultant to assist you from start to finish for the whole transactions.

It is easy to schedule a meeting to define your needs and budget to get answers for all questions and concerning, including but not limited to:

1

Your property investment objectives in Malaysia

2

Your budget and special needs

3

Your preferred type (residential or commercial or land) and location

4

Recommendation of financing facilities available according to your profile

5

Timeline and recommendations of various properties with a schedule of property viewing

In tandem, Richland Properties professional services to foreign property buyers includes all services such as sourcing investment properties at premium locations, arranging financing for the purchase, assisting buyer in legal matter, updating development progress on regular basis, carrying out inspections on defects and monitoring defect rectification works, acquiring tenant & vet thru the tenant profiles, assisting the buyer to flip the property on best possible price to maximize profits margin and more.

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Malaysia Property Tour :

Richland Properties provides an exclusive property tour services to clients who want to explore Kuala Lumpur real estate market on the ground. The 3 hours tour is dedicated to any individual/group who is seeking to invest and wants to understand the investment properties being offered in Kuala Lumpur.

Just reach out to Kesva at kesva@richland.com.my or +6012-2947770 via call/ whatsapp/viber.

“We simplify your property investment experiences in Malaysia”

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Courtesy of The Sentral Residence

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Personality Profile: Kesva Arumugam Senior Real Estate Negotiator Written by Ruba Ali

Mr. Kesva Arumugam is a certified senior real estate consultant with 15+ years of residential and commercial sales & marketing experience. He serves international clients at Richland Properties, a registered real estate agency based in Kuala Lumpur, Malaysia.

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What would you say is the most important

competitive and challenging areas, achieved through

skill set required for success in Real

lucrative utilization of vast knowledge accumulated

Estate sales?

through one and half decades of experience which has

For me, it’s knowledge and expertise. Utilizing diverse

contributed to my strong sales history.

property sales expertise, including pre-qualification of clients purchase strength, persuasion strategy, proposal preparation armed with solid communication and interpersonal skills to establish and maintain rapport with clients, all of this comes easily, and I

What qualities do you feel are vital to success in this industry?

have seen it reflected in the trust and confidence

Persistence, professionalism, strong work ethic and

that my clients have in me.

results-driven approach to work. In my experience, these four cornerstones of my work tenet has created

Working in tandem with owners and developers

a n a d v a n t a g e for my c lie n t s t o fin d t h e ir p e r f e c t

to cre ate lo ng-ter m rela tionships with clien t s is

investment properties by carefully researching market

a perpetual advantage in the real estate industry.

trends, property values and neighborhoods.

What

What are your interests apart from real

do

you

consider

your

greatest

strengths in this field?

estate?

Over the years, I have demonstrated customer service

I greatly enjoy traveling and gaining industry knowledge,

excellence, business acumen, and a sharp strategic

so I have attended many property conventions both

planning ability. I developed a strong international

locally and international. Besides having an active

clientele base through aggressive networking and

business lifestyle, I believe living healthy brings about

constant rapport building. Having good knowledge

a happy life. I am a great lover of nature and I am a

and expertise on real estate investment is an

regular mountain hiker. I have also often joined and

important facet; it helps ensure fulfilment of all the

organized charity programs for the underprivileged.

necessary procedures for a successful deal for principals and investors.

What makes you stand out among your peers?

Everyone needs a professional who has the related expertise to guide them through buying and selling.

I have a keen eye for finding opportunities inside the

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Holiday Homes in Local Islands

A Market Ripe For the Picking Written by Ruba Ali

Ev ery mentio n o f a holida y within Ma ldives con ju re s u p t h e s a me indulgent images, but over the past few years, the tourism industry w i thin the c o untry ha s expa nded to go beyond ju s t 5 s t a r lu x u r y t o u r is t re s o rts . The introduction of guest hou s e t ou r is m w it h in i n h a bite d Maldiv ia n isla nds wa s, a mongst ot h e r s , a n a v e n u e t o a u gme nt the in dustry with midra nge to budge t a c c ommoda t ion s a n d mak e ho lidays within this isla nd pa ra dis e a fforda b le t o a ll m a r k e ts . Th e re s ult wa s a n unexpected inf lux of t ou r is t s from a ll ov er th e wo rld for a bra nd new Ma ldivia n exp e r ie n c e ; t h e s a me si l v ery beac h es and swa ying pa lm trees, with t h e s w e e t a ddit ion of a tas te o f th e loca l com munity.

T h e implic atio ns of this ma rket sa tura tion a nd pre c ipit ou s g row t h i n troduc ed all k inds of new dimensions to the t ou r is m in d u s t r y.

N o t s u r p r i s i n g l y, s e v e r a l c o n c o m i t a n t i n d u s t r i e s f l o u r i s h e d p aralle l; ev en dista ntly connected ma rkets s u c h a s re a l e s t a t e h as ex perie nc ed som e developm ent. T he d e ma n d for h olid a y h omes i n t h e M a l d i v e s s u d d e n l y b o o m e d w i t h t h e r e a l i z a t i o n t h a t pre c io u s re a l esta te on the gem -like isla n ds a re a v a ila b le f or th o s e who c an a ff ord it.

T he sca le of th is imp a c t mig h t be

d i minutiv e thus far, but it is still the precipice of a n e w pros pe c t

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Courtesy of Veli Vilaa

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Courtesy of Veli Vilaa

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t o s u pply h ig h - pr ic e d lu x u r iou s goods t arg e t e d t ow a rd s a v e r y n ic h e ( a n d v e r y in t e re s t e d) m ar k e t .

Owning a holiday home within the Maldives w it h ou t b e in g a c it iz e n is impos s ible on p ap e r ; fore ign e r s a re n ot a llow e d t o pu rc h a s e p ro p e r t y w it h in t h e c ou n t r y. H ow e v e r, in t h e fa c e o f s o m e v e r y in t u it iv e lob b y in g from p rog re s s iv e i n d u s t r y l e a d e r s , i t ’s n o l o n g e r a n i m p o s s i b i l i t y. T h e e a s ie s t w a y s for p rop e r t ie s t o b e pu rc h a s e d b y fore ign e r s is t h rou gh a M a ld iv ia n c omp an y, o r le a s e d for a pe r iod of 5 0 y e a r s w it h t h e op t i o n t o e x t e n d for a n ot h e r 4 9 y e a r s .

Th e joy of ow n in g a h olida y h ome in M a ld i v e s i s , s imila r t o a h olida y, a mp lifie d w h e n it is on a l o c al island. Owning a holiday home within a community re p u t e d w or ldw id e for t h e ir h os p it a lit y t o w ard s v is it or s , w it h p r u d e n t e n ou gh v a lu e s t o re s p e c t the need for privacy as much as they revel in sharing their rich culture and heritage, is that same e le v a t e d M a ldiv ia n e x p e r ie n c e t h a t diffe ren t i at e s g u e s t h ou s e t ou r is m from lu x u r y re s or t t ou r i s m .

Pe r h a p s t h e b e s t p a r t is t h a t v is it or s c a n tak e t h i s prospect for a test drive, much the same as staying a fe w n ig h t s a t lu x u r y re s or t . Th e re a re s e v e r al guesthouse

experiences

available

within

the

M a ld iv e s n ow w h e re h olida y ma k e r s c a n b o o k an e n t ire mu lt i- room h ome w it h in a loc a l is lan d an d u n d e r s t a n d a ll t h e a dv a n t a ge s of pu rc has i n g a h olid a y h ome . O n e s u c h gu e s t h ou s e is Ve l i V i l aa loc a t e d on D h iffu s h i Is la n d . F a r e n ou g h fro m t h e c a pit a l c it y t o be re mov e d from t h e h u st l e an d b u s t le of me t rop olit a n life , b u t c los e e n ou g h t h at t h e a ir p or t is a q u a r t e r of a n h ou r a w a y, Ve l i V i l aa offe r s a fou r be droom bu n ga low w it h a p r i v at e beach and compound, fully stocked with all

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f ac i lities and u tilities (including a n in-house c h e f) with the additional advantage of complete s e c lu s io n an d priva cy of the entire spa ce.

There are several reasons why owning a holiday home within the Maldives is attractive. Apart from the usual enticing reasons (aforementioned beaches and palm trees being an important one), the actual numbers also make sense from an investment viewpoint. Soneva Fushi, one of the properties w h e re priv ate bea chf ront villa s a re a va ila ble for purchase, reports an estimated minimum 4% yield from the rental of the holidays homes while not in use by the owners, up to a possible yield of a whopping 8%, all after the deduction of the management fee.

Luxury resorts have successfully dipped their toes into this new segment of the market, and enterprising owners in the guesthouse industry are surely not far to follow.

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Courtesy of Veli Vilaa

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From Trash to

Treasure

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Written by Asy

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With global temperatures on the rise we all have to do our part in ensuring that we minimize our carbon footprint as much as possible. We could do this by implementing the simplest of changes in our lifestyle, be it by walking to work one day a week or reducing the amount of single use plastics that you consume.

The name of the game is personal responsibility. One way you can make a difference is by reusing items that you would normally throw away. There is a huge growing trend in dĂŠcor with kitschy pieces made from recycled or reused materials.

Here are a few ideas to get you started.

Fairies Light Lanterns This is a cute lighting option.

All you need is an empty glass container (think empty coffee jar) and string of fairy lights.

Soak the container in soapy water for a couple of hours a n d re m o v e t h e l a b e l . L e t d r y completely and feed in the lights retaining the battery pack. You can use some craft tape

and

pretty

up

the

battery pack if you wish. And there you have it. A gorgeous lantern to provide some mood lighting. Hang it around your bedroom or put on a shelf.

An added advantage is that if your fairy lights use batteries, you have some lovely lights to keep you company in the event of a power outage.

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Plastic Bottle Pen Holder/ Utensil Holder P l a s t i c s b o t t l e s h a v e b e c o m e t h e b a n e o f environmentalists everywhere and even one less bottle is a help. You’ll need a large empty soda b ot t le a n d s ome a c r y lic p a in t . C lean t h e b o t t le , r e m o v e t h e l a b e l a n d c u t i t i n h a l f . Ta k e t h e bottom half, get a lighter and slowly bur n along the cut edge softening it. Paint the outside. For a fun effect stick on some googly eyes and draw a face.

Image courtesy : https-//www.lights.com/phoebe-solar-fairy-lights-glass-jars-p-39736. html?xsell=10

Coin Bank You’ll need an empty plastic baby wipes/face wipes canister and some craft tape. Remove the label, wash thoroughly and dry. Use the craft tape to decorate the outside of the canister (alter nately use acrylic paint to decorate). Use the slot on top to drop stray coins. No more pesky coins rolling everywhere.

Image courtesy : https-//www.lights.com/phoebe-solar-fairy-lights-glass-jars-p-39736.html?xsell=10

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Wooden Pallet Shelf The whole rustic look is very in at the moment.

You’ll need only a wooden pallet, some sandpaper and wood stain. Clean your pallet, sand and stain till you are happy with the look. Tur n on the side so that you have three shelves and simply hang on y o u r w a l l . V i o l a , i n s t a n t s h e l v i n g t h a t l o o k s awesome.

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Keeping Up with

Construction Tech Written by Ruba Ali

Evolution in construction has been moving at a remarkable speed over the past decade, with interesting new inventions and technological developments being discovered faster than they could be put to practical use.

This year is no different, even though we are only less than a quarter into 2019. We have here a list of some of the most interesting and unique tech trends in the construction industry this year.

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Spot-r Field Connectivity Software Field Connectivity Software is getting more and more rampant as more developers are l e a r n i n g t h e v i t a l a d v a n t a g e s t h a t c o m e w i t h real-time communication and visibility of not just the equipment, but the workers and assignments.

There’s more than a few options available when it comes to these softwares, and some, like Spot-r doesn’t even require complete W iFi and GPS connectivity. The Spot-r EquipTags, mountable on any device, allows to keep updated on when and how often each piece of machinery is used. Driven by data, the software adapts to let the users know about potential risks, or alert as soon as an accident occurs. Leaving the significant advantages of real time insight into the sites, the data collected by the software over time also becomes invaluable to developers and builders.

Image courtesy : www.equipmentworld.com

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Smart Slab We have discussed self-healing concrete before, but the introduction of Smart Slab was a venture into a new direction, a stronger and cheaper option to conventional concrete that has now become a viable Prefab option.

Smart Slab, according to Swiss creators ETH Zürich, uses a combination of concrete, rebar, and carbon fiber ‘that for m a super-light, super-strong slab ceiling to create an entirely new way of building structural elements’. Used mostly for the creation of structural elements within buildings or homes, Smart Slab can accommodate the same weight as conventional concrete at a fraction of the thickness and weight, allowing for huge savings on costs for developers while contributing to a far healthier structural integrity for developments.

Image courtesy : www.stylepark.com

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MULE and SAM Robotic builders is a well-versed concept now, with every year bringing further advances in the field of robotics. Together with these advancements, we get safer and more efficient means of construction through the use of controlled or autonomous robotic builders.

The MULE134 and SAM100 are two robotic builders from company Construction Robotics that are now widely considered to have taken the field a step beyond the rest. SAM is a bricklaying robot, short for Semi-Automated Mason, designed to work hand in hand with masons. SAM is the first commercially available bricklaying robot available for masonry, and can improve productivity by up to 5x, and reduce labor costs by up to 50%.

MULE, on the other hand, is a lifter. Short for Material Unit Lift Enhancer, MULE allows for the operator to lift up to approximately 61 kilos effortlessly, and move heavy and delicate pieces of machinery and concrete slabs that would otherwise take a significantly longer amount of time and far more effort using human labor. MULE is instrumental in reducing the wear and tear and fatigue associated with extended heavy lifting in construction sites, and has been proven to greatly increase performance and productivity.

Image courtesy : futureconstruct.co.uk

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Expo Launching Ceremony Brief Written by MNACI

Maldives National Association of Construction Industry (MNACI) and Maldives Exhibition & C o nfe rence Services (MECS) P vt Lt d h a s a g re e d t o c oope r a t e in c on d u c t in g a n Ex po for the construction industry subsequent to the signing of a Memorandum of Understanding ( MOU) on 15 th Ja nua ry 2019. T he sign in g c e re mon y t ook pla c e a t M N AC I offic e a n d w a s attended by members of MNACI executive committee, MECS executive officers and media.

Signed by Mr. Abdulla Mohamed, the 16th President of MNACI (immediate past President) an d M r. Husnie Ra uf , the Genera l M a n a g e r of M EC S , t h e M O U ou t lin e s t h e s c ope of MECS as the event organisers of the Expo, under the leadership and direction of MNACI. Th e E xpo, scheduled f or 22-24 A ugu s t 2 0 1 9 , is e x p e c t e d t o h a v e c los e t o 1 0 0 s t a lls which shall be an excellent opportunity for all participants to gain exposure, strengthen the network and create further business opportunities. It will be open not only for MNACI me mbers but f or a ll interested a nd re la t e d p a r t ie s from M a ldiv e s a n d a broa d .

In h is speech, Mr. A bdulla Moha m e d ga v e h is fu ll c on fid e n c e t o M EC S t o fu lly s u p p or t them t o ena ble a successf ul Expo a n d e x t e n de d h is in v it a t ion t o a ll M N AC I me mb e r s an d o ther va rious compa nies to pa r t ic ip a t e in t h is e v e n t .

Th e last Expo wa s held two yea rs b a c k a n d t h is Ex p o is t a rge t in g t o re br a n d t h e p a s t s erie s of MNA CI Exhibitions f rom “ M AC I Bu ild & H ome Ex p o” t o “ Bu ilde x M a ldiv e s 2019”. T his yea r’s exhibition essen c e h a s b e e n s e le c t e d b y k e e pin g in min d on e of t h e mo s t im porta nt a spects of a ny indus t r y, s a fe t y, a n d t h e me d a s “ Bu ild S a fe , L iv e S a fe ” .

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Courtesy of Avas.mv

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Courtesy of Avas.mv

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B usiness C o nventi o n by M E D 2 0 1 9 Maldives National Association of Construction Industry (MNACI) has participated in the Maldives Business Convention 2019, hosted by Ministry of Economic Development from 26-27 February 2019. MNACI was represented in this convention by their 16th Exco Vice President, Mr. Adnan Haleem.

On behalf of MNACI, Mr. Adnan highlighted the issues faced by Small and Medium Enterprises (SMEs) in the construction industry within the Maldives and presented a proposal from MNACI. The proposal emphasized on issues faced by the industry in invited bidding procedures, packaged scope of works and opportunities for foreign contractors to participate in local tenders, followed by possible solutions as proposed by MNACI such as opening invitation to tenders via TB, separating the project components and revising foreign contractors’ regulation.

Another critical matter stressed in the proposal was the issue of the majority of foreign aid projects being awarded to foreign companies whilst able local companies are available and seeking projects. MNACI has always and will continue to advocate for the local businesses and possible opportunities.

MNACI also stressed on the inconveniences suffered by local companies due to payment delays from relevant authorities, for which a proposition was to allow a maximum time frame for payments failing which a mutually agreeable fine can be imposed.

On behalf of MNACI, Mr. Adnan also emphasized on the extremely difficult procedures, which SMEs have to go through in order to obtain any loan, or project

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financing or even obtain credit schemes from relevant authorities for any of their projects. In addition to this he also underlined the issue of shortage of Maldivian labour and the overwhelming amount of uncontrolled illegal migrants working in this industry. MNACI suggested that with proper project financing instruments, a good credit scheme, establishment of an efficient labor management system and regular responsive reports to relevant authorities, these problems can be managed.

MNACI’s expertise and experience shared in this business convention was shortlisted among the best of this convention and its constructive ideas are opted to be published by the Ministry of Economic Development very soon.

Courtesy of Avas.mv

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M A L DIV E S | S r i lan k a | mala y s i a

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listing M A L DIV E S

the gardens Crafted for the elites, our Suites provide an experience unprecedented. Framed with large balconies in every bedroom and a commodious garden terrace out looking the central park armed with a princely private plunge pool, it truly represents the art of modern living. Have a family gala event by hosting a lunch or throw elegant dinner parties in your voluminous indoor and outdoor living area, having your guests divulging in eateries made and brought from the attached service quarters comprising of a service kitchen, laundry area and a bedroom with attached toilet for the service helper. With the quarters having the access to a different entrance, the residents have the luxury of denying access to the apartment if and when necessary. Revel in your dazzling home which truly is a class apart.

“A family that plays together stays together”. It’s such a simple line with a powerful message. And keeping this tradition alive, we bring to you our homey Villas, a bit of capacious indoor living coupled with commodious outdoor terrace area with a spirited city view for the family to have fun and make memories. Build a generous swing outside or tend a lovely garden of your choice. Run around with the young ones in the living area or have a cousin’s night watching horror movies and eating popcorn. And for some peace and quiet time, delight in a cup of hot chocolate in the ample private balcony of your master bedroom. Enjoy having space and enjoy in that space.

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J aah In v e st me n ts Pv t Lt d M: +960 798 7733 E: investments@JAUSA.mv www.thegardens.mv

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listing M A L DIV E S

nasandhura Nasandhura, the epitome of elegance, prestige and paradise. Build your dream lifestyle with us at Male’s most iconic location, a flourishing metropolis surrounded by a glimmering blue that spreads infinitely. It’s where your wishes of a tropical getaway becomes an everyday reality.

NPH I n vestme n t P v t Lt d 5A, STO Aifaanu Building | Boduthakurufaanu Magu | Malé | 20026 T: +(960) 300 2488 E: sales@nph.com.mv www.http://nasandhura.com

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Renaatus Ithaa Muiy Guided by technology and expertise, we believe in building quality constructions and architectural masterpieces. Renaatus Ithaa Muiy will mark our debut housing project in the international segment. The new-age construction boasts of all modern amenities and facilities. It is a waterfront property.

R.P.P Re n aat u s Proj ects Maldiv e s Pr ivat e Limited Plot No D6 - 2c | Fithuroanu Magu Hulhumale M: +(960) 975 5777 E: sales.maldives@renaatus.com www.rpprenaatus.mv

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ONE AVENUE One Avenue, the latest development by DAMAS Real Estate is situated in one of the finest neighborhoods in Hulhumale’. Like a pearl in an oyster, One Avenue stands apart from others - as an embodiment of sophistication infused with practicality. With sublime modernity found in its outer structure, to its impeccable services and emphasis to details; One Avenue will be a benchmark for other residential complexes to look up to.

Dama s re a l e stat e Marina Building | 8th floor | Koli Umar Manik Goalhi 20188 | Male’ T: +(960) 300 2488 | +(960) 955 8995 E: sales@dre.mv www.one.com.mv

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k park residence Comprised of 110 spacious Luxury apartments, in the heart of Hulhumale’, is the revolutionary, Korean-Style Mixed-use residential complex, K-Park Residence. Carefully handled by high-class international partners including Korean Developer Hanbo Company and Hong Kong Contractor Shijia Group. K-Park Residence introduces a unique sense of luxurious living to the Maldives while guaranteeing the owners maximum security and a range of amenities.

Kor dh i in v e st me n t pv t. lt d M.Omadhoo Fannu | 8th Floor | Male’ T: +(960) 999 2492 | +(960) 971 1155 E: sales@hanbomaldives.com www.kparkresidence.com

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Oceanfront Residence Oceanfront Residence is a lavish condominium complex situated in Fithuroanu Magu, Hulhumale. With the breath-taking panoramic view of the ocean it is conveniently located at a five-minute walking distance from the Hulhumale’ ferry terminal. The condominium comprises of two towers, 12 and 13 storeys, and has a total of 145 units.

rain l a n d deve lop e r s p v t. lt d G.Maaraana | 2nd Floor | Alikilegefaanu Magu, Male’ | 20129 T: +(960) 334 0420 | +(960) 334 0482 E: info@rainland.com.mv www.oceanfrontresidence.com.mv

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Raincrest residence Located on Reethigas Magu - Hulhumale, which is considered as the spine of residential and commercial buildings.

Raincrest Residence is a mixed use residential condominium, composed of two 14 storey towers consisting of 136 apartments. The building is conveniently located to face three main roads as well as a pedestrian link, meaning that it does not share a boundary with any other plots, a rare feature in the City.

Rain cr e st Re s ide n ce G.Maarana, 2nd Floor, Alikilegefaanu Magu T: +(960) 334 0482 / +(960) 334 0420 E: Info@rainland.com.mv www.raincrestresidence.com.mv Facebook: Rainland Developers Pvt.Ltd

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Aira Your home is a definition of your personality and wellbeing.

That’s why, when you live in AIRA you can enjoy all the luxuries and amenities without leaving your home. From our experience with our first project SAIMA Residence and other developments surrounding the beautiful green city of Hulhumale’, we have created AIRA keeping in mind to provide a truly “exceptional living” at the best market value for your investment and living.

Ens i s f i s h e ri es M1 15-16 Industrial Zone | Hulumalé | Midhilimagu T: +(960) 956 6688 | +(960) 797 6688 E: hello@aira.mv www.aira.mv

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Apollo towers Located in front of the Yacht Marina at the Hulhumale’ beachfront, is the latest luxury real estate project by Apollo Holdings. Split into two main towers offering an architecture that reflects tranquillity and serenity with an extravagance of modern lifestyle. The towers are one 10 storeys and the other 9 storeys.

Apollo Holdin gs Pv t Lt d T: +(960) 332 0065 2nd Floor, Marine Villa, Varudhee Hingun, Maafannu, Male’ 20282 , Maldives info@apolloholdings.com.mv www.theapollotowers.com

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Aqua Vita Residencies Experience elegantly designed living spaces, intricately constructed in modern architecture inspired from the natural beauty and culture of the nation of Maldives. Fashioned out of the best of material and state-of-the-art technology, we present to you the tallest complex on the island in the current phase; an extraordinary living experience with 104 unique apartments spread across 14 floors

NPH DEVE LOP MENT P VT LTD Sales Office: Plot S1-2, Kuredhimaa Hingun, Hulhumale Administrative office: 5A, STO Aifaanu Building, Boduthakurufaanu Magu, MalĂŠ, 20026, Maldives T: +960 3338866 Email: info@aquavita.mv

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Cloud Series LED Poster Display APPLICATIONS HOTEL LOBBY , RESTAURANTS STORES, BANK HALL SHOPPING MALL

For your complete LED solutions Sourcing | Sales | After-sales

Hasowa Building - 7th Floor | Boduthakurufaanu Magu | Male’ | 20252 | Maldives sales@dmmaldives.com WWW.DMMALDIVES.COM

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Astoria ASTORIA is dedicated to building a one-stop shopping and living environment integrating retailing, catering, recreation and entertainment and luxury apartments. The project strives to create a new benchmark for urban development and change the way of living in Colombo.

No . 418 , 4 2 0, 4 2 2 R . A . D e M e l M awat h a , Colo mbo 03 Sales office: No. 9 Deal Place A, Colombo 03 T: 0112-37-27-57 (Sales manager: Rafkhan: 0768-88-88-88, Maneka 0769-11-11-11, Gayathri 0771-55-71-11, Wasantha 0765-55-55-77) E: avic_astoria@163.com www.astoria.lk

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Dusit Thani Beachfront Balapitiya Dusit Thani Beachfront Balapitiya is the only luxury, designer, fully fitted and furnished 5-star ocean view high rise apartments in a fully integrated beachfront resort in all of Sri Lanka. Guaranteed returns of 6% net p.a. for 5 years are offered for apartments managed by Dusit Thani.

D u si t Th an i Be ach fron t Balapi t iya No 786, Galle Road, Balapitiya Beach 80550, Sri Lanka.

M: +94 71 148 5268 (U Sahabandu) E: delanka@dusitthanisrilanka.com www.dusitthanisrilanka.com Facebook: dusitthanisrilanka Instagram: dusitthanisrilanka

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Prime Grand –Ward Place Prime Grand, a tailored collection of 2-4 bedroom simplex and duplex condominium residencies complemented by four storeys of double height parking and three levels of curated indoor and outdoor services and amenities. Crafted with ultimate seclusion, natural ventilation and light allowance, gracious floor plans and the finest finishes.

Prime G ran d – Wa r d P l ac e No. 64, Ward Place, Colombo 7, Sri Lanka T: 0112699822 F: 0114 209 691 M: 071-0777666 | 071-0666222 | 071-0666444 E: piyumi.rajakaruna@primelands.lk www.primeresidencies.lk

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operating to over 100+ sectors daily 139

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Setia Sky Seputeh Vill a I n T h e Sky Setia Sky Seputeh heralds an unprecedented indulgence in its tranquil and cosy neighbourhood. Built on 4.4 acres of prime land, the freehold resort-themed residence comprises 290 spacious units, with 4 to 6 units per floor. Each unique residence ranges from 2,300 to 3,000 sq. and is designed with a private lift lobby.

Surrounded by a host of highly frequented destinations such as Mid Valley City, Bangsar and Kuala Lumpur City Centre, boundless opportunities and lifestyles experiences are ever available to you.

Set i a Sky S ep uteh Sa l e s Ga lle r i a , No.1, Jalan Taman Seputeh Satu, Taman Seputeh, 58000 Kuala Lumpur.

Authorized Marketing Agent: K e sva Mobile: +60122947770 Office: +603-80683141 Fax; +603-80684658 Email: kesva@richland.com.my

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The Sentral Residences The Epic Luxe Homes@Sentral Residences, Kuala Lumpur, a place where living amidst the skies is accentuated by groves of trees and the view of the panoramic skyline, which is at your eye level. It is a hub that draws in the crowd, but only invites the privileged few. Strategically located in KL Sentral, Malaysia’s largest transportation hub, Epic Luxe Homes is the latest completed luxury condominium inspired by modern and lush tropical designs, not considering the panoramic views of the Lake Garden, National Museum, and KLCC. So what makes it better? Two tower above 50 storeys. Living spaces above 3,000 sq. feet . Standing tall above the masses in the middle of Kuala Lumpur Sentral.

No 8, Jalan St e sye n Se n t r al 2 , Kuala Lu mpu r Se n t r al, 50470 Kual a Lu m pu r , Malays ia Authorized Marketing Agent: Ke s va Mobile: +60122947770 Office: +603-80683141 Fax; +603-80684658 Email: kesva@richland.com.my

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