# SJ Dhihereya as an investment: what the numbers say

> Set SJ Dhihereya's list prices against what three-bedroom homes in Hulhumalé Phase 1 are asking in rent today, and a gross yield of roughly 8 to 10 per cent appears on paper. Here is how that figure is built, and the five things that bring it down.

Source: Maldives Real Estate News, published by Binga Properties. URL: https://news.binga.mv/sj-dhihereya-residence-as-an-investment
Published: 2026-10-24T02:00:00.000Z · Updated: 2026-10-16T18:14:42.361Z · Event date: 2026-10-16

Many people who look at a new building in Hulhumalé are not planning to live in it. They want to know what it would earn. SJ Dhihereya Residence publishes a full price list, and Binga's Market Index records what homes in Hulhumalé Phase 1 are asking in rent. Together they let us make a first, honest estimate.

## The rent side

In October 2026, the three-bedroom homes available through Binga in Hulhumalé Phase 1 asked:
- **in rufiyaa:** 7 homes, with a **median of MVR 39,000 a month** and the middle half between MVR 38,000 and 42,000. The three fully furnished ones asked a median of MVR 45,000.
- **in dollars:** 13 homes, with a median of **USD 2,500 a month**.

Two cautions sit under every figure here. These are **asking** rents, not rents achieved. And they are what homes ask **today**, not in 2029, when SJ Dhihereya is due to have its first tenants. We keep rufiyaa and dollar rents apart and do not convert between them.

## The price side

From SJ Group's list:
- The three-bedroom **H1** layout (1,317 sq ft, lagoon-facing) starts at **MVR 4,839,760** on the fifth floor.
- The median three-bedroom costs **MVR 5,189,760**.
- The median 3+1 costs **MVR 5,801,756**.

## On paper

A rufiyaa rent of MVR 39,000 a month is MVR 468,000 a year. Set against those prices, the **gross yield before any costs** is:

| Home | Price (MVR) | Gross yield at MVR 39,000 a month |
|---|---|---|
| H1 three-bedroom, 5th floor | 4,839,760 | about 9.7% |
| H1, 5th floor, paid in full (5% off) | 4,597,772 | about 10.2% |
| Median three-bedroom | 5,189,760 | about 9.0% |
| Median 3+1 | 5,801,756 | about 8.1% |

A 3+1 may well let for more than a plain three-bedroom, because the extra room counts. Our index does not yet separate them, so we have used the same rent for both.

## What brings the number down

1. **Two years without rent.** If you pay in full at booking in October 2026 and the building is finished at the end of 2028, the money earns nothing for more than two years. Spread over ten years of ownership, that alone takes the average return down by about a fifth. Paying in instalments softens this.
2. **Furnishing.** The higher rents in the index are for furnished homes. Furnishing a three-bedroom to letting standard is a cost the yield above does not include.
3. **Running costs.** The pool, gym, lifts and 24-hour security mean a monthly service charge. Ask the developer for an estimate before you buy.
4. **Empty months and wear.** Allow for a month or two between tenants, agency fees and repairs.
5. **Rents in 2029.** New buildings are being completed across Hulhumalé and Phase 2. More supply can hold rents flat, whatever today's figures say.

On reasonable allowances for these, a buyer should plan around a net return well below the gross figures above. How far below depends on furnishing, financing and how actively the home is let.

## What the price buys that a spreadsheet misses

- **A builder as developer.** SJ Construction has worked as a contractor since 1996, and it lists SJ Creek Residence in Hulhumalé as finished. For an off-plan buyer, completion risk is the largest risk, and a builder's track record speaks to it.
- **A lagoon outlook in Phase 1.** It is the more established half of Hulhumalé, where tenants already want to live.
- **Family-size layouts.** More than half the building is three-bedroom or 3+1, the size companies look for when housing families.

## And what to hold against it

- The developer has listed the sale as **temporarily on hold since 14 October**. Do not commit until it reopens and the terms are confirmed.
- **Completion dates move.** Ask what the agreement says if the end-2028 date slips.
- **This estimate rests on a small sample** of asking rents. We will update it as Binga's index grows and as the building takes shape.

The concierge can run these numbers for a specific apartment, with your financing and furnishing assumptions, and show what comparable finished homes in Hulhumalé are letting for. This is market commentary, not financial advice.

## Sources
- sjgroup.mv/properties/sj-dhihereya-residence (developer's list prices, sizes and expected completion 30 December 2028; read 16 October 2026) (https://sjgroup.mv/properties/sj-dhihereya-residence (developer's list prices, sizes and expected completion 30 December 2028; read 16 October 2026))
- news.binga.mv/market/2026-10 (Maldives Real Estate News Market Index, October 2026: asking rents for homes available through Binga in Hulhumalé Phase 1; three-bedrooms in rufiyaa, 7 homes, median MVR 39,000 a month, middle half MVR 38,000–42,000; in dollars, 13 homes, median USD 2,500) (https://news.binga.mv/market/2026-10 (Maldives Real Estate News Market Index, October 2026: asking rents for homes available through Binga in Hulhumalé Phase 1; three-bedrooms in rufiyaa, 7 homes, median MVR 39,000 a month, middle half MVR 38,000–42,000; in dollars, 13 homes, median USD 2,500))
- sjgroup.mv/about (SJ Construction since 1996) (https://sjgroup.mv/about (SJ Construction since 1996))

Binga Properties is a real-estate concierge; it may represent homes and developments mentioned here.