Gov’t Announces Land Lease for Commercial Development in Hulhumale’ Phase II

The government has announced the leasing of land for commercial purposes in Hulhumale’ Phase II. 

The Housing Development Corporation (HDC) has invited all interested parties to submit Expressions of Interest (EoI) for the newly announced land lease offer, which requires developers to finance the construction and management of properties.

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According to HDC, if multiple parties express interest in the same property, priority will be given to the developer whose proposal best aligns with the corporation’s strategic vision, objectives, and the master plan for the overall development of Hulhumale’.

Bid proposals will be evaluated based on the proposed lease price, payment duration, and the fiscal capabilities of the lessees. HDC also stated that it reserves the right to accept or reject any or all proposals and annul the EoI process entirely, with notification to the proponents in the event of annulment.

Proponents are required to quote the price per square foot in Maldivian Rufiyaa and specify the proposed payment duration, which must not exceed six months. HDC added that payment periods shorter than six months will be subject to discounts on the quoted price.