Male’, Maldives, 19 August 2024 – The Housing Development Corporation (HDC) is now seeking Expressions of Interest (EOIs) for the development and operation of boutique hotels in its Urban Isle project in Hulhumalé. This announcement marks a key phase in the project, which aims to transform the northern side of Hulhumalé into a vibrant tourism destination.
The Urban Isle initiative, unveiled in July, originally planned to allocate seven plots for boutique hotel development. HDC has now reopened three of these plots for lease. Interested parties can submit EOIs for up to two plots, with each plot requiring a separate application. In the event that multiple EOIs are received for a specific plot, HDC will initiate a closed bidding process to determine the most suitable proposal.
The deadline for submitting EOIs is October 1, 2024. This project, located on a 23-hectare area within Hulhumalé, is designed to function as a distinct tourism island, enhancing connectivity between Malé City and the Maldives’ main economic hub. Urban Isle will offer a range of accommodation options and additional facilities, contributing to the region’s tourism and economic development.
HDC is open to various business models, including lease agreements, fixed lease models, and joint ventures. The corporation is particularly interested in proposals that align with its strategic objectives and offer clear benefits for both parties involved.
The Urban Isle project presents a significant opportunity for both domestic and international investors. It is expected to boost the local economy, create new opportunities for small and medium enterprises (SMEs), and attract new entrants to the tourism sector.
For more details and to submit EOIs, interested parties should visit HDC’s website or email [email protected]. Inquiries can also be directed to HDC’s hotline at 1516.
