Housing Development Corporation (HDC) has announced “Local Developers 3 - Development and Sale of Pure Residential Apartments” in Hulhumalé exclusively for local developers. This Local Developer 3 project will take place in allocated land plots across Hulhumalé Phase 1 and 2. Previously HDC opened Local Developer 1 and Local Developer 2 project, assisting local companies to enter into real estate business.
Local Developer 3 Project offers the chance to develop small-scale housing projects in Hulhumalé presenting an ideal investment prospect and opportunity to enter into real estate market for local SMEs. Further, HDC’s objective is to assist local firms in overcoming the economic strain experienced due to the COVID-19 pandemic through this project.
Moreover, this project will address the rising issue of housing in the Greater Male’ Region by providing affordable housing solutions to the locals. It is estimated that 180 housing units will be developed for sale under this project.
The 11 land plots of Local Developer 3 have been classified into four RFP packages and HDC has given the opportunity for developers to propose for more than one package. Land plots vary from 1,656.93 sqft to 6,855.53 sqft and HDC has set minimum acceptable land cost rate from MVR 1,800 per sqft to MVR 2,570 per sqft. A party must be a 100% Maldivian owned business entity or a company to be eligible for the proposal submission.
A Pre-Proposal meeting will be held on 14th February, 14:00hrs via zoom to provide more information regarding the development. Interested parties can register from the link below.
Attendance to Pre-proposal meeting is not mandatory to submit the proposal. Interested and eligible parties can submit their proposals on the proposal’s submission date. RFP Document for “Development and Sale of Pure Residential Apartments” will be available on HDC’s Corporate and Properties website.