HDC spent MVR 776,000 to rebrand from Urbanco

Housing Development Corporation (HDC) headquarters in Hulhumale'. (Photo/HDC)

Housing Development Corporation (HDC) spent MVR 776,547.93 to reinstate its corporate identity, after it was rebranded as Urbanco during the former MDP administration.

Though HDC previously said that it decided to change the corporation’s name to the Maldives Urban Development Corporation and rebrand itself as Urbanco in 2021, the decision wasn’t implemented until April 2023.

But after the MDP administration lost the 2023 presidential elections, the corporation dropped the brand “Urbanco”, and returned to being called “HDC”.

Sun filed a request under the Right to Information (RTI) Act, seeking details regarding the cost of the rebranding.

According to the information released by HDC on Wednesday, it spent MVR 776,547.93 on the rebranding, including MVR 186,300 on the event held on January 18 to unveil its logo and brand name.

Housing Development Corporation (HDC) unveiled the logo and brand name to reflect its legal name on January 18, 2024. (Photo/HDC)

Cost details:

  • MVR 293,846.40 to Print Line to change the logos in head office
  • MVR 60,594.85 to Encore Holdings to change the logos in departments and site offices
  • MVR 8,933.76 to Encore Holdings to change the list stickers in head office
  • MVR 226,872.92 to Print House to print official flag and letterhead
  • MVR 186,300 to Chopart organize the event, including breakfast

HDC said that the minor changes to logo was made by in-house staff, and that it therefore did not result in any extra cost.

The previous rebranding cost over MVR 1.2 million.

According to the information released at the time, the biggest spending was on creating the company’s new flags, tents and display banners, with MVR 353,008. Another MVR 279,000 was spent on merchandise including pens, notebooks and mugs with the new logo.

President Dr. Mohamed Muizzu had previously alleged that HDC was rebranded to Urbanco without making any legal changes, simply to award money to a party.