The Housing Development Corporation (HDC) has officially invited interested parties to submit their Expression of Interest (EOI) for the development and operation of upscale hotels at Urban Isle in Hulhumalé. This announcement offers an exciting opportunity for businesses looking to invest in one of the Maldives’ rapidly growing urban development projects.
HDC has highlighted that the preferred business model for the development is a lease-based approach, though other models will also be considered. The main criterion is that the proposed model should clearly outline the mutual benefits for both the developer and HDC.
If multiple proposals are received, HDC will evaluate them against several factors, including alignment with the corporation’s strategic objectives and master plan, the proposed business model, financial terms, the experience of the operator, and the financial stability and capability of the proponents. The proposal deemed to best meet HDC’s vision and long-term goals will be selected.
HDC has also emphasized that interested parties must be in good standing with the corporation, meaning there should be no outstanding payments or a history of project delays with HDC. Companies with previous records of unjustifiably prolonging HDC projects will not be considered eligible.
HDC said they reserve the right to accept or reject any proposal at any time before signing a formal framework agreement, without incurring any liability to the proponents. In the event that the process is annulled, all participants will be duly informed.
Those interested in this project have until 2:00 p.m. on October 29, 2024, to submit their EOIs via email or to the specified address.
HDC has also provided an email contact for any additional information or queries regarding the project:
[email protected]
The development of upscale hotels at Urban Isle is part of a broader vision to enhance Hulhumalé’s urban landscape, with a focus on high-end tourism and hospitality services. HDC’s move to invite expressions of interest signals the corporation’s commitment to fostering investment and ensuring the continued growth of Hulhumalé as a dynamic urban hub.
