HDC Opens For Luxury Housing Project in Hulhumalé Phase II

The Housing Development Corporation (HDC) has announced a six-day window for developers to submit proposals for a luxury housing project in Hulhumalé Phase II.

In an announcement, HDC said interested parties are required to submit an Expression of Interest (EoI) by 12:00pm on November 24. The project site comprises 125,387 square feet of land and allows for a building height of up to 47 metres. The plot is located near the channel in Hulhumalé Phase II.

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According to HDC, the project will be awarded under the Development and Sale Rights Model. However, the corporation noted that bidders are not restricted to this structure alone and may propose alternative development models, provided that the submission clearly outlines the benefits to both parties.

HDC said that if multiple parties submit EOIs, the project will be awarded to the proposal that best aligns with the corporation’s vision and master plan for Hulhumalé Phase II.

The EOIs will be evaluated based on several criteria, including the proposed business model, the applicant’s experience, contractor arrangements, financial capacity, and commitments to corporate social responsibility.