Ten plots from the "Urban Isle" tourism zone under development in the northern end of Hulhumale' phase two have been put up for bidding to build service apartments.
According to an announcement from Urbanco, the size of the plots designated for residential apartments range from 6500 to 8000 square feet.
Urbanco set acquisition costs between USD 200,000 to USD 245,000 for the plots with bidding open to foreign investors as well.
The cost of the construction projects would range from USD 4.9 million to USD 6.9 million, Urbanco said. The height of the buildings would be determined based on the location and one to four-bedroom apartments would have to be developed, the Urbanco announcement stated.
Urbanco previously said that the Urban Isle tourism zone to be developed on 23 hectares in phase two would be revolutionary for the Maldivian economy.
The island would become a main economic hub, offer direct and indirect benefits to various sectors, and create jobs.
As the zone is connected to the main airport, Urban Isle would be suitable for short-term stays for transit purposes as well as long-term stays, Urbanco noted.
Accommodation to be developed in the zone includes luxury villas, serviced apartments, city hotels, midscale and upscale hotels, guesthouses, branded retail outlets and high-end restaurants.
