The government has reopened the opportunity to develop 1,000 housing units in Hulhumalé Phase 3, introducing significant incentives for contractors. Key adjustments to the project include allowing developers to submit a “Letter of Comfort” from a financial institution instead of the previously required “Proof of Funds” for the entire project value. Additionally, the government has facilitated import duty exemptions on materials required for construction.
Exclusively reserved for 100% Maldivian-owned companies, the project is structured into five packages of 200 units each. To maximize local participation, a single company is restricted to developing a maximum of 400 units. The government has also set price ceilings for these apartments; 3-bedroom units are capped at MVR 2.3 million, while 2-bedroom units are capped at MVR 1.8 million. The deadline for proposal submissions has been extended to the 31st of this month.
