Housing Development Corporation (HDC) announces a new integrated tourism project, dubbed "Urban Isle".
The project was announced by HDC Managing Director Ahmed Athif at the 2022 edition of the Gold 100 Gala held at CROSSROADS Maldives.
Speaking about the large scale urbanization effort, Athif notes the project is not "just for large investors but also for small and medium businesses as well".
The integrated urban tourism project will be developed at the northern-most end of Hulhumale' 2.
HDC confirms the project covers 23 hectares of area, and will have multiple accommodation options available, along with various other facilities. The business models proposed by Urban Isle include lease model, fixed lease model and JV model for investors.
- Development of a commercial "spine" in an area of 9,474 square-meters (9 plots).
- Serviced apartments in an area of 7,006 square-meters will be developed in 10 adjoining plots. These apartments will be erected between eight to 12 floors each.
- The urban Isle will include luxury villas, spanning an area of 5,083 square-meters, and will be developed across 11 adjoining plots.
- Development of midscale hotels will cover an area of 19,103 square-meters. These properties will be developed up to 10 floors, in three large plots.
- Another three large plots will be utilized to develop upscale plots in an area of 50,681 square-meters. These hotels will be erected up to 10 floors each.
- The Urban Isle development plan also includes construction of city hotels in an area of 2,850 square-meters in four plots. These properties will house eight to 10 floors each.
- Guesthouses will be developed across 21 plots, with the average height of these properties up to six floors, covering a combined area of 9,224 square meters.