300 mid-market housing units to be built in Hulhumalé

Social Housing Towers developed under the 'Hiyaa Project' in Hulhumale' Phase 2 | Photo: Mihaaru.

Malé, Maldives – Housing Development Corporation (HDC) has revealed that they are holding discussions with 3 companies to develop 300 mixed-use housing units in Hulhumalé.

While a total of 355 housing units are to be built under the project, 300 of these mixed use residential housing units are at the conditional letter completion phase for the three companies which had bid to build the units. Those companies are Rasheed Carpentry Construction (RCC), SASe/ Glut Joint Venture and Estate Construction.

HDC has said that they have taken many steps to ensure that these units are the cheapest in their category. With various policy changes resulting in the applying companies to submit relatively low selling prices per square feet.

The corporation revealed that the companies have submitted the lowest prices for the project, with RCC proposing that 1 sqft for MVR 1,800, SASe/ Glut Joint Venture asked for MVR 2,185 per sqft and Estate Construction set their price at MVR 1,987 per sqft.

After reviewing points in the conditional letters issued to these companies, HDC has said that an agreement will be signed in March of 2021. For the remaining 55 units, evaluation of companies who have sent proposals has been completed, and efforts to go ahead with the conditional award for these units are underway.

In a press release published by the HDC earlier today, it was revealed that there are many ongoing efforts to alleviate congestion in the Greater Malé Region by providing modern recreational spaces.

Under these efforts, HDC has revealed many mid and high-end housing projects have previously been carried out in Hulhumalé, adding that there are plans to introduce more of these projects appropriate to current demand levels. HDC has said these these projects will open up more opportunities to provide numerous services at high standards for competitive prices.