HDC announce lands to develop office buildings


The Housing Development Corporation (HDC) announced the sale of lands for the development of office buildings in Hulhumale’.

According to HDC, the sale will be carried out virtually through its online portal. HDC said the sale of five plots divided into two types, will start at the base rate of MVR4,500 per square foot. The plots include;

  • Type 01: Three plots of 6,124 square-feet each
  • Type 02: Two plots of 9,633 square-feet each

The Type 01 plots will have a total cost of MVR 27.56 million and Type 02 plots will cost MVR 43.35 million.

HDC also said that successful proponents must submit a bid security of MVR 500,000 for Type 01 plots and MVR 1,000,000 for Type 02 plots. The original bid security should be submitted to HDC’s reception.

The corporation also said that proponents bidding for the lands must be 100% locally registered businesses.

Interested parties must complete the “Investor Register” under the registration tab on HDC’s website, and follow it up by completing the “Project Registration” on Office Development Projects to submit the Expression of Interest (EOI). The parties are given a 10-day period to submit their EOIs.

HDC will grant freehold rights to successful winners, and payment for the sale should be settled within 60 calendar days of receiving the Conditional Award letter.

Moreover, the new plots up for sale are near Tree Top Hospital where new offices for Ooredoo Maldives, Maldives Islamic Bank (MIB), and Capital Market Development Authority (CMDA) are in development.