HDC seeks party to develop three upscale hotels in Hulhumale’ Phase II

Housing Development Corporation (HDC), on Wednesday, opened submission of Expression of Interest (EOI) to develop and operate three upscale hotels at Urban Isle in the Integrated Tourism Zone of Hulhumale’ Phase II.

As per HDC, the upscale hotels will be developed with modern facilities to ensure high-end services for tourists visiting the Maldives.

While the preferred business model is a lease model – HDC states submission of EOI is not limited to the model. However, regardless of the model proposed, the EOI must clearly state the benefits to both parties.

If more the one proposal is received for the project, HDC will be proceeding with the EIO that best suits its vision, strategic objectives and masterplan. When selecting the best proposal, the Corporation will consider the proposed business model, financial terms, experience of operator and developer/contractor, proposed team, financial stability and capability. 

Moreover, the proponents should not have any outstanding payments with HDC to be deemed eligible while companies with a history of unjustifiably prolonging or delaying HDC projects without valid reasons will be deemed ineligible.

Interest parties can submit the EOI via email at [email protected] or in person at HDC Building before 14:00pm on October 29^th.

Further information regarding the project is available on HDC’s website.