HDC: Investor interest in Hulhumale’ rising

Housing Development Corporation (HDC) has commented investor interest was rising for projects under Phase II of Hulhumale’ Development Project.

Land reclamation for Phase II of Hulhumale’ Development Project is now complete; and HDC has planned to develop residential areas, a financial district, tourism island, knowledge park, technopolis, a heritage island and many more other components.

In a press conference by HDC last Thursday, January 5, Managing Director of HDC, Mohamed Saiman reported that the number of investors interested in the projects were increasing on each week.

“We notice investors interested in Maldives have a huge interest in Hulhumale’,” said Saiman.

He noted that there were certain factors investors evaluated before making their decisions.

“For example, the IT park. Hulhumale’ is a connectivity point of submarine cables by Dhiraagu and Ooredoo. There are a number of such strategic advantages,” said Saiman.

He noted that investors would be looking to guarantee certain infrastructure developments before deciding on investing in Hulhumale’.

Saiman said that each of the projects had separate risks and returns.

“For example, the long run return or recovery model is applicable to the knowledge park and IT park.”

Saiman noted the importance of offering incentives to attract investors to such projects.

“The hope is for such incentives to be available from Hulhumale’ through the SEZ [Special Economic Zones] Act. We have that assurance,” said Saiman.