Private developers to build high-end flats in Hulhumale Phase 1
The projects should be completed within three years of land handover.
Urbanco has invited interested developers to build high-end apartment complexes in five plots of Hulhumale Phase 1.
Urbanco, in an announcement on Sunday, said interested developers have the opportunity to submit proposals by July 17, with bid security set at MVR 500,000.
According to the information paper released by Urbanco, the high-end flats will be built on land adjacent to Hulhumale Ferry Terminal as well as on land located next to the Dhiraagu office building.
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Lot 10322 - 25,660 sqft
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Lot 118058 - 24,961 sqft
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Lot 11,809 - 24,652 sqft
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Lot 11828 - 20,727 sqft
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Lot 11829 - 23,229 sqft
According to the notification, each of the 1+2 and 1+3 rooms should have a living room, a kitchen and a dining area, as well as laundry and balcony.
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Units can be built for commercial purposes in lots 10,322, 11,808 and 11,809
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Three floors of towers built at the remaining lots should be reserved for office space
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Should be completed within three years of land handover
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Sale of flats will be allowed only after completion of 20% of work
Urbanco is already constructing high-end residential buildings in Hulhumale Phase 1 through private developers. However, some of the projects remain incomplete and delayed, flat buyers suffered huge losses.
