The Housing Development Corporation (HDC) is seeking parties to develop seven mixed residential buildings in Hulhumalé, the capital’s suburban extension.

HDC making the announcement on Wednesday, revealed that the company is seeking contractors and developers for the ‘Development and Sale of Mixed Residential Buildings in Hulhumalé’.

According to the company, the selected party among the applicants will be given the responsibility to design and develop the mixed residential buildings in Hulhumalé.

The selected developers will also be responsible for the sale of the residential apartments, as per the guidelines set for this by HDC as well as the Ministry of National Planning, Housing and Infrastructure.

The seven plots of land under the project, have been allocated within the first phase of Hulhumalé.

Proposals will be opened to be submitted from 6 June 2022 and the deadline has been set at 23 June 2022.

HDC estimates a total of MVR 1.3 billion to be spent on the project to develop all of the seven mixed residential towers.

The announcement goes on to read that each tower will feature two-bedroom and three-bedroom apartments, 60 percent of which will be sold at a controlled price.

As such, the maximum price tag for the two-bedroom apartments is MVR 1.5 million, with three-bedroom apartments coming at a cost of MVR 2.3 million.

HDC has also prohibited the developers from taking booking payments before a pre-sale approval is granted and 20 percent of the work is completed. Twenty percent is allocated as the maximum fee for booking the apartments.

Under the project, the buildings will be constructed to a maximum of 14 floors and will feature space for commercial use as well as parking zones.