Housing Development Corporation (HDC) on Tuesday invited private developers to submit proposals to develop strata properties on seven land plots in Hulhumalé. The state-owned company said the plots earmarked from neighbourhood-one will be between 2,600 and 2,700 square feet each.
HDC said 60% of land area of each plot must be developed targeting middle-income earners, and the developer is entitled to develop the remaining area not below the authorised standard. It said the highest price of apartments or units from the properties must not exceed the proposed figures. It said the development period of the properties will be two years since the finalisation of the detailed designs.
According to HDC, developers and those holding shares in companies currently undertaking housing projects in Hulhumalé are not eligible to submit proposals. The deadline for submission of proposals is September 27.