The Housing Development Corporation (HDC) has announced that it is inviting Expressions of Interest (EOI) from parties interested in developing boutique hotels within the “Urban Isle” integrated tourism zone in Hulhumalé Phase 2.
HDC is seeking developers for the project, with a preferred business model being the lease model. However, the corporation has stated that proposals are not restricted to this model alone. Regardless of the proposed model, the benefits for both parties should be clearly outlined in the submission.
In cases where multiple proposals are submitted for the same plot, HDC said it will evaluate the submissions based on how well they align with the corporation’s vision, strategic objectives, and master plan. Factors such as the proposed business model, the experience of the operator, the developer or contractor, the proposed team, and the financial stability and capability of the proponents will also be considered.
HDC also said that it retains the right to accept or reject any proposal and to annul the EOI process at any time before a framework agreement is signed. In the event of annulment, all proponents will be informed, and their proposals will be returned.
Interested parties are required to submit their EOIs by 14:00 hours on September 1, 2024.
The boutique hotels are set to be developed within the Urban Isle tourism zone in Hulhumalé Phase 2 with a targeted investment range of USD 4.9 million (MVR 76 million) to USD 6.5 million (MVR 100 million).
Urban Isle, spanning 100,000 square meters, is planned to include mid-range tourist facilities, luxurious villas, a cinema, a shopping mall, sports and entertainment facilities, as well as serviced apartments ranging from one-bedroom to four-bedroom units, each with dedicated vehicle parking spaces.
