The Housing Development Corporation (HDC) has announced the sale of 16 residential land plots in Hulhumalé Phase II, with bidding opportunities now open. The available plots are located in the Beach Front and Beach Side areas of the development.
HDC revealed that the Beach Front plots range in size from 1,095.98 to 3,252 square feet, with bidding prices starting at USD 291.8 per square foot. Beach Side plots, ranging from 1,440.80 to 3,380 square feet, will have starting bids set at USD 259.4 per square foot. Further details on the plots are available through HDC’s online bid portal.
The land sale process will occur in two phases. First, interested parties must submit an Expression of Interest (EOI). If multiple EOIs are submitted for the same plot, a bidding process will be held. HDC also noted that individuals can submit EOIs for multiple plots.
HDC emphasized that the land plots are available exclusively to Maldivians. All citizens over the age of 18 are eligible to submit an EOI. For company submissions, the company must be registered in the Maldives with 100% local ownership.
Last year, HDC successfully sold 17 land plots after the first bidding round and 13 plots during the second.