The Housing Development Corporation (HDC) has signed an agreement with Hunan Construction Investment Group (HCIG) to undertake the development of the Commercial Spine project located in Hulhumale' Urban Isle.
The agreement was signed by Managing Director of Housing Development Corporation (HDC) Ibrahim Fazul Rasheed and Managing Director of HCIG Cai Dianwei, on the sidelines of President Dr. Mohamed Muizzu’s state visit to China.
The Commercial Spine project comprises seven interconnected buildings, consisting of six commercial structures and a supportive building, covering a total area of 290,000sqft. The buildings, each consisting of 3-4 floors, will house retail shops, wellness services, entertainment facilities, and banking services. The project is estimated at USD50 million and is scheduled for completion within two years.
The seven buildings are collectively called the Spine due to their interconnected design. HDC envisions the project transforming the area into the largest commercial zone in the Maldives, strengthening the growth of guesthouse tourism in Hulhumale'. The buildings will be available for rent to businesses once finished. Urban Isle is undergoing development as an integrated tourism zone, with plans for the establishment of tourism boutiques and hotels, promising numerous job opportunities in the region.