guides

25 Feb 2020

Renting Commercial Spaces

Types of Commercial Rental opportunities available in Hulhumalé

  1. Commercial Units

Lease of units from commercial buildings and commercial units developed under mixed-use residential developments for following usages (not limited to);

  1. Supermarket
  2. Convenient Store
  3. Gym
  4. Clinic
  5. Café / Restaurant
  6. Retail shops
  7. Office space
  8. Warehousing
  9. Garage space

 

  1. Commercial Lands

Lease of lands for commercial use under following models;

  1. Long-term lease (develop and operate by the lessee);

The lessee shall develop and operate the whole commercial building.

 

  1. Design, build, operate and transfer (DBOT) model;

The lessee shall design and develop the commercial building and transfer the commercial units/ spaces to HDC as per pre-agreed conditions where no monthly lease is charged, but developed space is transferred to HDC.

 

  1. Long-term lease (Develop with the condition to sublease a fixed amount of space to third parties);

To develop and operate on a long-term lease model; The developer shall develop and manage the whole development and can occupy a fixed percentage of the development for their own operation. And the remaining percentage shall be subleased to an independent third party. A fixed percentage shall be made available for public lease.

Usages such as (not limited to); Supermarket / Mega Mall, Hardware Store, Warehousing / Distribution Center, Food Court / Café Court

How to Lease Space from HDC

Available commercial units/ lands for lease will be publicly announced on HDC corporate website, HDC property website, Gazette of Maldives. Interested parties are required to submit a proposal as per the announced Request for Proposal (RFP). All submitted proposal will be evaluated based on a pre-set qualification and evaluation criteria and a winner (s) will be selected based on the evaluation scores.

Commercial space will be leased through an RFP process as follows;

STEP 1 - Announcement of RFP's to Lease Commercial Units

  • HDC Property Website
  • HDC Corporate Website
  • Gazzette
  • Social Media
 

STEP 2 – Clarification meeting for registered interested parties.

  • Critical information to be followed on proposal submission will be provided
  • Open day and visit to property (if applicable)
 

STEP 3 – Clarification of written queries

  • Written queries sent to [email protected] will be answered within the given deadline and uploaded on the website
 

STEP 4 – Submission and Opening of proposals

  • Proposals submitted within the given deadline will be accepted and lease rates of the accepted proposals will be announced in the presence of attendees.
 

STEP 5 – Award of Contract

  • All submitted proposals will be evaluated based on a pre-set qualification and evaluation criteria and winner (s) will be selected based on the evaluation scores

Property Insurance

All commercial units will be Insured by HDC and every insurance related work/issue will be managed by HDC. However, commercial lands developed and operated by a lessee shall be insured by the respective lessee.