Housing Development Corporation Ltd. (HDC) is a 100% state owned enterprise formed by a presidential decree, initially established in 2001.
Hulhumalé – The Most Ambitious Urban Development Project in Maldives
HDC undertakes and manages the overall planning and building of the reclaimed land of Hulhumalé – the Maldives’ biggest and most ambitious urban development project. Currently working towards creating Hulhumalé to become the nation’s first sustainable venture, the corporation undertakes projects of hospitality, industrial, recreational, commercial and residential in nature, while introducing new opportunities on a scale previously never seen before in the country.
Thilafushi - An Island Formed Like no Other is to Transform as a Major Industrial Island
Layers of sand and crumbled garbage formed an Island in the year 2009. To keep pace with the economic race in spite of land constraints and the high population density of Male’ which caused an overflowing waste in the region, Thilafushi became an absolute solution. Thilafushi houses waste disposal segment of greater Male’ region and production, storage and service of key Industries of the Maldives. The Island’s potentiality though not recognized until later, is now brimming with opportunities for the Industrialists of Maldives.
Gulhifalhu - Half-Moon Shaped Island Captures the Buoyant Economy of Maldives
Lying midway between Thilafushi and Villingili, sea-green waters among an earthly reef surrounds the reclaimed Island of Gulhifalhu – originating astonishing values to the Industries of Maldives. Ideally located near Maldives Main Port and International Airport, the Island is highly prime for industrial development. The island provides support to the separation of the industrial from urban areas, allowing reduced environmental and social impact of the industrial uses. Gulhifalhu, from its strategic location, also provides predominant space idyllic for localized environmental controls that are specific to the needs of an industrial area. With the possibility of residential units in the books as proposed by the government, the island is expected to be a major hub for the economy of Maldives in the near future.
“A leader in redefining quality living”
“To be a pioneer in establishing higher standards of living through intelligent, innovative and sustainable development in the Maldives”
Sale of bare land or land with developed property in full/part to a buyer without any expiration date.
Lease of bare land or developed property in full/part to a lessee for a period of time.
HDC transfers the right to develop real estate on a bare land plot to a developer with the right to lease the developed property in full/part to end customers.
HDC transfers the right to develop real estate on a bare land plot to a developer with the right to sell the developed property in full/part to end buyers, and whereby HDC will transfer a freehold/leasehold title to the said end-buyers/customers.
A business arrangement where HDC would be contributing land leasehold rights and the developer/investor contributes the necessary investment fund to undertake the project. In a JV model, both parties will share the profit and risks earned from the venture.
Hulhumalé consists of three types of housing – social, mid-range and luxury. HDC uses three business models for sale of the residential properties - End user financing, lease to own and outright sales.
The owner buys the property through the support of financial institutions. The ownership of the property is transferred immediately.
HDC signs a lease agreement with the buyer which allows the buyer to live in the property while paying monthly installments. At the end of the lease, the ownership will be transferred to the buyer.
Council housing units are owned by the government, and the units are available for the public based on a lease model only.
The ownership will be transferred to the buyer after receiving the full sale amount of the property.
The Island’s commercial zoning is determineded after undertaking a comprehensive analysis to identify the most required commercial usages within Hulhumale.
Our procedure includes Direct Allocations and Request for proposals (RFP). In direct allocations, selected parties are invited to a bidding process where the winner is awarded the unit after carrying out the required evaluation process. RFP is an announcement for a focused project, calling out the interested parties. At the end of the process the contract is awarded to the proponent who achieves the highest points after the proposal evaluation process, based on the preset evaluation criteria.
Commercial units in Hulhumalé are leased using two business models – lease model and minimum monthly guarantee model. Lease terms can be unique retrospective of the tenant and the Corporation’s requirements. The main objective of allocating commercial spaces is to fulfil the needs of residents and build a strong commercial lease clientele, while enhancing the overall brand identity of Hulhumale’.
It is a payment for a right to use the place for the usage identified by HDC, for an agreed period between HDC and the commercial tenant.
The tenant agrees to pay the Minimum Monthly Guarantee lease or the percentage agreed on the net revenue, whichever is higher, to HDC as the monthly lease. Lease rate offered under this model is considerably lower than the rates charged under lease model, minimizing the risks.
Property management is responsible for the daily oversight, monitoring and management of the real estate properties at an operational level or capacity. This includes tenant liaison and communications, rent collection, procuring and managing service contracts (cleaning, security, maintenance, insurance etc) and monitoring of properties.
As the driving force behind HDC’s smart city initiative, HDC has been working on establishing a city-wide digital infrastructure, including a GPON network that is essential to cater current and future demands in Hulhumalé.
Under HDC’s GPON network, three main types of services are provided:
HDC also laid a seven-way duct network, which is a main duct with leasable subducts which service providers can lease, without having to install their own duct networks. A cellular tower project is also underway in Phase II of Hulhumale’ with the aim of enhancing mobile coverage within the city. The towers would be used as shared infrastructure by operators to install their equipment and provide services. With four towers currently up for service, HDC offers the affordable lease rates for these towers. HDC plans to install more towers, street poles and rooftop poles across Hulhumale’ Phase I and Phase II.
In order to address the challenges faced in Hulhumalé, HDC has planned smart city solutions, whereby there will be a wide array of smart products and services targeted for various sectors including waste management, street light control, smart parking, smart homes and buildings, health and education, governance, mobility and public transport, ecommerce, etc.
The Tourism Island is set to become the Maldives’ first cityside resort in Hulhumalé metropolis that will be complemented by a number of upcoming urban tourism attractions in the city such as the Heritage Island, Water Theme Park, Yacht Marina and Cruise Terminal. Diversifying the Maldives’ exclusive one island one hotel concept, this urban resort will present a collection of lodging types and amenities that sets to celebrate and welcome every traveler.
If you are interested in booking an event space in Hulhumalé, an application form will be available for download from our website, Media center. Make sure to download the guidelines for lease of event space and lease rates for further information.
With technology advancement and emergence of smart cities, high street advertising in cities has been continuously changing. HDC has been working on enhancing of the current advertising spaces within the Hulhumalé, and increasing the number of ad spaces and digital signage placements in the city.
The form to request for buying sand, blocks & curbs will be available for download from our website, Media Center. After the completed form is submitted to HDC reception and the obligatory fee is being paid, Hulhumalé Operations will release the requested product (sand, blocks & curbs) for collection.
Hulhumalé aspires fostering creative entrepreneurship among the youth, stimulating economic solutions and tackling the social challenges faced by the nation. In essence, HDC presents a variety of its own products including community based developments; Central Park, Fehires Park, Indoor Sports Complex & Outdoor Sports Arena, Fahiveni Community Center, Fisheries Harbour, Local Market as well as commercial and industrial developments such as Green Office Building and Warehouse Shell. Curving a welcoming path for investment, Hulhumalé Phase II, the newly reclaimed addition to the existing conurbation promises diverse development opportunities.