Urbanco has unveiled ten prime plots at Urban Isle, the emerging tourism hotspot in Hulhumale’, for prospective service apartment constructions, inviting potential investors to partake in the bidding process.
The plots range in size from 6,500 to 8,000 sq ft. Acquisition prices for these sought-after lands hover between USD 200,000 (MVR 3 million) and USD 245,000 (MVR 4 million).
A detailed enumeration of the available plots is as follows:
SA4: 6,501 sq ft at USD 200,200 (MVR 3 million)
SA5: 7,654 sq ft at USD 235,700 (MVR 3.6 million)
SA6: 7,406 sq ft at USD 228,100 (MVR 3.5 million)
SA7: 7,911 sq ft at USD 243,700 (MVR 3.7 million)
SA8: 8,547 sq ft at USD 263,200 (MVR 4 million)
SA9: 7,976 sq ft at USD 245,700 (MVR 3.7 million)
SA10: 7,104 sq ft at USD 218,800 (MVR 3.3 million)
SA11: 7,298 sq ft at USD 224,800 (MVR 3.4 million)
SA12: 7,578 sq ft at USD 233,400 (MVR 3.5 million)
SA13: 7,190 sq ft at USD 221,500 (MVR 3.4 million)
Going beyond the current announcement, Urbanco disclosed targets for the region, envisioning projects valued from USD 4.9 million (MVR 76 million) to a ceiling of USD 6.5 million (MVR 100 million). They have cast a wider net, making it clear that foreign investors are also welcome to delve into service apartment ventures.
A substantial 100,000 square metres of land has been set aside for the subsequent phase of expansion. Plans for the area span a variety of offerings, from mid-tier tourist accommodations to premium villas. A blueprint encompasses cinema halls, shopping centres, and a suite of sports and entertainment amenities.
The vision for the service apartments ranges from intimate one-room flats to capacious four-room living spaces. Urbanco’s stipulations also mandate designated parking spaces within these establishments.
Urbanco will be giving precedence to the highest bidders. The acquisition cost is accorded a 75% weightage, while the bidding entity’s track record will account for the remaining 25%.
The bidding window closes on May 11th, as highlighted by Urbanco’s announcement. Earlier in January, the company had also rolled out bids for the Urban Isle guesthouse.
