Hulhumale' developer Housing Development Corporation (HDC) has decided to stop using the company's "Urbanco" brand name.
The rebranding of HDC as the "Maldives Urban Development Corporation" or Urbanco was announced on April 1, 2023. It was an expensive change made in connection with HDC's 22nd anniversary.
About MVR 1.2 million was spent to rebrand the company. It was rebranded because the company's work expanded beyond housing with the inclusion of Gulhifalhu and Thilafushi among its assets, HDC said at the time.
Despite the rebranding, the company's name legally remained HDC. However, with the rebranding, HDC spent large amounts to further advertise the Urbanco brand and to produce the company's flag, display banner, pens, notebooks, mugs and employee uniforms as well as to cover other related matters. The expenses amounted to MVR 1.7 million, HDC estimated at the time.
However, Adhadhu has confirmed that HDC has now decided to discontinue the use of this costly brand name. The decision is to be announced next Thursday. After the change is made, the Urbanco name will not be used by the company for any official purposes.
HDC started as a unit set up at the President's Office in 2001 to supervise and oversee the land reclamation and development of Hulhumale', the largest urban development project carried out in the Maldives. The unit was dissolved in 2005 and a company named Hulhumale' Development Corporation Limited was created.
The company's name was changed to the Housing Development Corporation on March 19, 2009.
In addition to Hulhumale', the company also oversees the islands of Thilafushi and Gulhifalhu in the Greater Male' region as well as the Kudagiri picnic island. HDC is also coordinating and overseeing the development of a yacht marina near Male' and the current administration's housing project Rasmale' in Fushidhiggaru.
