Housing Development Corporation Limited (HDC) has announced that it is seeking interested parties to submit proposals for the development of service apartments as part of the Urban Isle project in Hulhumale'.
HDC opened bids for the lease of 10 land plots for the project. The designated land for the service apartment development is expected to span an area of 6,500-8,000sqft. The acquisition expenses for these land plots range from USD200,000-245,000. Notably, foreign investors are also extended an invitation to submit their proposals for the bidding process.
The project expenses are estimated to fall within the range of USD 4.9 to 6.5 million, according to HDC. The height of the structures will be determined in accordance with the specific land plot locations. These buildings are set to encompass a variety of housing options, spanning from one-bedroom apartments to four-bedroom apartments.
The Urban Isle project will be developed on the northern side of Hulhumale’ which is designated for tourism development. The project will function as a separate tourism island within Hulhumale' and will provide valuable links between the Male' City and the country’s main economic hub. The project was inaugurated in November last year.
The project covers 23 hectares of area and will have multiple accommodation options available, along with various other facilities. The business models proposed by Urban Isle include the lease model, fixed lease model, and joint-venture (JV) model for investors.
Urban Isle will be a golden opportunity for both domestic and foreign businesses to invest. The project will be a major boost to the economy of Maldives. In addition to boosting local businesses in the tourism and real estate industries, it will also create opportunities for small and medium enterprises (SMEs) operating in the region and new entrants.