HDC Invites Proposals for Development and Operation of Commercial Building with Parking Space in Hulhumalé Phase 1

Housing Development Corporation (HDC) has opened Request for Proposal (RFP)s for the Development and Operation of Commercial Building with Parking Space in Hulhumalé Phase 1. The land allocated for this project is Plot number D2-2 which measures an area of 36,155 sqft. This RFP was initiated with the expectation that the provision of a multi-storey parking development would help cater to the increase in demand for parking areas in Hulhumalé.

As per HDC’s Hulhumale’ Planning and Development Guidelines for this project, the parking area under this development will be a dedicated area only for motorcycle and car parking while the commercial area at the ground floor and first floor can be utilised by the developer for the provision of either a café, car washing area or convenient store.

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The land plot for this project (D2-2) is located on Fithuroanu Magu, Hulhumalé Phase 1, where the development of several up-and-coming residential properties are currently on-going. Hence, the establishment of a parking building in this area will not only cater to the parking demands of the neighbouring residents but also to the growing community of Hulhumalé.

The announcement for RFPs was published on 6th May 2021. The proposals will be evaluated based on the lease rate, acquisition fee and business plan proposed.

The lease model for this project is Minimum Monthly Guarantee (MMG) Lease model. Where the successful party has to pay the lease rate proposed or 5% of the net revenue, whichever is higher to HDC. The minimum acceptable lease rate which can be proposed for the first five years is MVR 5.00 (Maldivian Rufiyaa Five Only) per sqft per month. The minimum acceptable acquisition fee for this project is MVR 2,530,190.70 (Maldivian Rufiyaa Two Million Five Hundred Thirty Thousand One Hundred Ninety and Seventy Laari). In addition, the Percentage of Revenue Share will be fixed at 5% of net revenue. Furthermore, the proposed Business Plan should comprise of an operational plan, maintenance/ facilities management plan, financial plan and marketing plan.

Proposals are to be submitted on 29th June 2021, between 1300hrs to 1400hrs. A complete set of Request for Proposal (RFP) is made available on HDC corporate website (https://hdc.com.mv/) and MyHulhumale’ Properties website (https://properties.hdc.com.mv/).

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