HDC To Lease Units From Vinares Buildings For SMEs

Housing Development Corporation (HDC) has announced that it will lease units for commercial purposes from the Vinares Buildings. The spaces are allocated for Small & Medium-sized Enterprises (SMEs) to run retail stores in Hulhumale’ phase II.

In the initial phase, HDC has opened for leasing of units from the first floor of Vinares towers, V2, V5 and V7 and an additional ground floor unit from V7. The V2 unit measures up to 892.44 sq. ft while the V5 unit is smaller at 596.54 sq. ft. As for the V7 units, the first-floor unit has an area of 755.95 sq. ft whereas the ground-floor unit is 295.36 sq.

During the first year, HDC will lease out the units for a price of USD 1.29 per sq. ft per month with the tenant having the right to negotiate the price for up to five years after the first year. Interested parties can submit their proposals latest by Tuesday, March 7^th 2023. Designated bid security is also associated with the lease bidding process.

The Vinares housing project was completed to address the housing crisis faced in the Greater Male’ region. Under this project, 10 towers were constructed in Hulhumale phase II with a total of 1,344 housing units. The flats form part of the administration’s efforts to provide affordable housing to the residents of Maldives.