The Housing Development Corporation (HDC) is seeking parties to develop apartment buildings in Hulhumale' Phase I.
An announcement issued by HDC said the apartment buildings would be developed in land plots of 26,400 square feet and 34,300 square feet, near Hulhumale' Central Park and the Apollo Towers. The 14-storey towers will have mixed-use apartments targeted at middle-income families. The buildings must be completed within three years.
The two-room apartments in the towers will be 700 square feet, while the three-room apartments will be 900 square feet. The lower floors will be designated for commercial use. Parking spaces must be developed in apartment buildings constructed on HDC-issued land.
According to HDC, the price of some apartments will be controlled. In this regard, some two-room apartments cannot be sold for more than MVR 1.5 million, while the price cap for some three-room apartments would be MVR 2.5 million. HDC said the apartments must be sold per the Planning Ministry's guidelines, and the finishing work and other works must be completed as per HDC's guidelines.
Those interested in developing the apartment buildings are instructed to submit their proposals through HDC's Portal. Proposals can be submitted between June 6 to 23.
HDC said those who win the bids must not promote or market the apartments before signing the agreement with HDC. HDC's permission must be sought if any booking fee is charged from potential apartment buyers. Additionally, no more than a single apartment can be sold to any one buyer.