HDC opens to develop 15 guesthouses under Urban Isle project

Housing Development Corporation (HDC) has opened the development of 15 guest houses in Urban Isle, an integrated urban tourism project in Hulhumale'.

HDC said parties can express their interest to develop guesthouses in Urban Isle s until January 19. The project will be developed on the northern side of Hulhumale’ which is designated for tourism development. Once developed, the Urban Isle will have a variety of accommodation facilities for visitors staying for the holidays or those waiting in transit or on business trips. As such, the island will have luxury villas, service apartments, city hotels, midscale and upscale hotels, guesthouses, branded retail, and upper-class restaurants. The project will allocate 10 land plots for serviced apartments, nine land plots for commercial purposes, three land plots for midscale hotels, three land plots for upscale hotels, four land plots for city hotels, 21 land plots for guesthouses, and 11 land plots for luxury villas.

HDC said the project covers 23 hectares of area and will have multiple accommodation options available, along with various other facilities. The business models proposed by Urban Isle include the lease model, fixed lease model, and JV model for investors.

Urban Isle will be a golden opportunity for both domestic and foreign businesses to invest. The project will be a major boost to the economy of Maldives. In addition to boosting local businesses in the tourism and real estate industries, this will also create opportunities for small and medium enterprises operating in the region and new entrants.