HOUSING DEVELOPMENT CORPORATION Investors Presentation
1 HDC plays a strategic role in the development of
Maldives
HDC's strategic mission from the Maldives government
HDC's mandate to develop Hulhumalé is of utmost national
importance and addresses the pressing housing needs of the
Maldivian, especially given c.10% of Maldives population is located in
Hulhumalé
Apart from housing units, HDC also provides supporting facilities and
infrastructure in a socially responsible and commercially viable manner
for the country to relieve the current over-congestion in Malé
The successful track record of HDC is further augmented with the
ongoing development of commercial projects which are expected to
provide HDC with more profitable revenue streams and provide
Maldivians with gainful employment
Following the government directed merger of HDC and GMZIL, HDC's
mandate has expanded to include the islands of Gulhifalhu and
Thilafushi, which are expected to boost industrial activities in the
Greater Malé' Region
Recent developments
HOUSING
DEVELOPMENT
CORPORATION
HDC has received consistent support from the government in spite of the
change in regimes. The current president Ibrahim Mohamed Solih,
elected in 2018, has mentioned HDC's projects as the key projects
towards achieving the goals of provision of social housing in his 2020
presidential address
A total of 15,000 housing units are envisioned to be built in Phase II of
which HDC is currently developing two key housing projects:
■7,000 social housing project under Phase II is completed and
expected to be fully allocated in 2022
■1,530 affordable housing project under Phase II is a mixed-use
housing project with no social housing allocation. The project is
expected to be completed by the end of December 2021
In 2020-2021, HDC has awarded the development of 12 projects worth
US$185m spanning the following segments:
Council and affordable
housing units
Mixed residential building
According to the Strategic Action Plan for 2019-2023 published by GoM,
provision of affordable housing is one of the most important pledges of
the current government. Key policy priorities include increasing the
housing supply and provision of social housing through
institutional and legal reforms
Commercial building
Office building
Café court
Batching plant
Recreational center
HDC's continued success is critical to housing development in Maldives and continual growth
and diversification of the local economy
Source: Company information.
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