HDC invites bids for development of apartment complexes

August 27th, 2008 | Categorized as News | Tagged as housing & shelter

Hulhumale’ Development Corporation (HDC) yesterday, announced bidding for lease and sale of land for development of apartment complexes in Hulhumale’. In a press statement HDC informed that, 8 plots of land will be offered for sale and 5 plots of land will be offered for lease. The approximate size of the plots of land is 2400 square feet. According to HDC, only Maldivian individuals, and organizations which has a 100% Maldivian ownership can participate in the bidding.

HDC states that a main objective of leasing and selling land to private parties for development of apartment is to facilitate private sector contribution in the achievement of the goals and objectives of the National Housing Policy. The National Housing Policy, states that in order to facilitate housing units to cater the backlog in the central region, a system of allocation of land for housing development through private developers will be pursued. HDC says that the corporation believes that with these kinds of opportunities, real estate market in the country can be established.

The terms and conditions for the bidding are determined in close consultation with the Ministry of Housing and Urban Development, HDC said. The plots of land offered for sale will be sold at a fixed price of Rf 475 per square foot. Bidding parties for the land on sale basis will be evaluated based on the prices at which they propose to sell the apartment units to be developed on the plots of land. The party quoting prices leading to the lowest average price will be awarded the highest points, HDC said in the press statement.

According to HDC the land on lease basis will be offered for a lease period of 25 years and the successful bidder will be chosen based on the proposed land rents for the plots of land, with the highest points to be awarded to the highest proposed rent.

HDC said Bidding Documents for these two projects will be sold effective from 28 August 2008, until 25th September 2008 and HDC says interested parties can submit application forms to HDC office in Hulhumale’ to purchase the Bid Documents. According to HDC application forms are available from the website of the Corporation and also from the Male’ and Hulhumale’ offices of HDC. The purchase price of a Bidding Document is Rf 500.

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