On Wednesday, the Housing Development Corporation (HDC) announced the availability of land for commercial purposes in Hulhumalé Phase II. Interested parties are invited to submit Expressions of Interest (EoI) for this newly launched land lease offer.
Under the terms of the offer, developers who secure leases will be responsible for financing the construction and management of properties on the leased lands. In cases where multiple proponents express interest in the same property, preference will be given to the developer whose proposal best aligns with the strategic vision, objectives, and the overall master plan for the development of Hulhumalé.
Bid proposals will be evaluated based on the proposed lease price, payment duration, and the fiscal capabilities of the lessees. The process includes a stipulation that HDC reserves the right to accept or reject any or all proposals and to annul the EoI process entirely if deemed necessary. Should an annulment occur, all proponents will be notified accordingly.
Proponents are required to quote the price per square foot in Maldivian Rufiyaa and specify a payment duration not exceeding six months. Payment periods shorter than six months will be eligible for discounts on the quoted price.
This land lease offer presents a significant opportunity for developers to contribute to the commercial landscape of Hulhumalé Phase II, a rapidly developing area within the Maldives. The initiative is expected to attract substantial interest from both local and international developers, given the strategic importance and potential of the region.
