Hulhumale

Maldivian companies have been granted the opportunity to build and rent residential complexes and row houses Hulhumale’, opening the island to the real estate businesses.

Housing Development Corporation Ltd (HDC) said today that 7 pieces of land are to be granted under the new initiative of which, 3 areas are designated for residential complexes, and the other 4 areas for building row houses. The company said that the opportunity will be given to 100 percent Maldivian companies.

“Land will be granted from Hulhumale’ neighbourhood 3 for the development of residential complexes, and from neighbourhood 1 for row house development,” HDC stated.

The government housing company has set the deadline for expression of interest to 16th of May 2013.

Managing Director of Housing Development Corporation Shuhail Ahmed said that the company is considering a proposal based evaluation process, instead of asking the companies interested in developing the areas to bid for the projects. He said HDC is inclined towards allowing the opportunity to Maldivian companies.