HOUSING DEVELOPMENT CORPORATION Investors Presentation
Thilafushi and Gulhifalhu
mandate in 2020
Overview of Thilafushi and Gulhifalhu
1
new additions to HDC's
Gulhifalhu is a reclaimed island c.6km to the west of Malé, which has
been earmarked by the government to develop an industrial hub to cater
to the needs of the industrial sector in Greater Malé region
Thilafushi is a reclaimed island c.7km to the west of Malé, which initially
served as a municipal landfill site but is now earmarked as a key
industrial zone in the Greater Malé region
HDC's acquisition of GMIZL brings the development of Hulhumalé,
Gulhifalhu and Thilafushi under one corporate group, providing avenues
for improved cohesiveness and efficiency
Additional reclamation and infrastructure development (e.g. roads, water
and sewage, electricity, and communication networks) is envisaged to
realise the master plan for the islands
Gulhifalhu
Key statistics of Thilafushi and Guhifalhu
Reclaimed area
HOUSING
DEVELOPMENT
CORPORATION
Thilafushi
Gulhifalhu
21 hectares
17 hectares
Proposed reclamation
128 hectares
185 hectares
204
56
322
43
Number of tenants
Lease plots
Average monthly income (2)
Total debt
Total assets as at 23 Sep 20
MVR12.8m (c.US$0.83m)
No long term debt
MVR4.5bn (c.US$285m)
Strategically located close to Malé and Hulhumalé
(1)
20.7/148.7
Land bank (hectares)
(1)
16.9/201.9
Land bank (hectares)
Thilafushi
Hulhumalé'
(Phase I)
Hulhumalé'
(Phase I)
Hulhumale
Gulhifalhu
Hulhulé
Thilafushi
Malé
(Capital)
Gulhi Falhu
Male'
Velana
International
Airport
HDC's acquisition of GMIZ provides an enlarged asset base, rental income and more
opportunities for development with no increase in debt
Source: Company information. FX of USD/MVR 15.42 used.
(1)
(2)
Post land reclamation
Computed based on income for the period of 1 Jan 2020 to 23 Sep 2020 on an annualized basis
Sinamalé
Bridge
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