Housing Development Corporation Limited (HDC) has announced that it is seeking interested parties to submit Expression of Interests (EOIs) for the development and operation of boutique hotels as part of the Urban Isle project in Hulhumale'.
HDC first introduced the initiative in July, where it unveiled plans to allocate seven plots of land for boutique hotel development. HDC stated that currently three of these plots have been reopened for lease.
HDC has now initiated the process of accepting bids for leasing the three land plots within the project. Interested parties have the option to submit EOIs for a maximum of two plots, with a separate EOI required for each individual plot. HDC will proceed with a closed bidding process involving the interested parties in case it receives more than one EOI for a particular plot. The opportunity to submit EOIs is open until October 1.
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.