Creating opportunities for better homes, health, employment and education services in the Maldives.


Our story

Housing Development Corporation (HDC) was established pursuant to a presidential directive in the year 2001. Today, it stands as a visionary city developer dedicated to transforming landscapes that emerge from the seas of the Maldives.

Our journey began with the reclamation of Hulhumalé, featuring the development of a smart and sustainable city, which is widely considered the most securely profitable investments in the Maldives. With its proven track record, HDC has currently emerged as the leading Urban Development Corporation in the Maldives, overseeing projects that span five significant islands of the country: Hulhumalé, Gulhifalhu, Thilafushi, Kudagiri, Urban Isle, and Rasmalé. The acquisition of each hub under its umbrella has presented both challenges and opportunities, contributing to the corporation’s distinct advantage in experience and expertise.

As a small island nation, the endeavor involved daring to dream big, transcending the vulnerable topography by creating safeguarded cities for all.

Our Timeline

1995 – Formation of committee by President’s Office to address the Malé housing crisis that led to the initiation of Hulhumalé development project 

2001 – Creation of Hulhumalé Development Unit with the mandate of carrying out Hulhumalé development project 

2005 – Formation of Hulhumalé Development Corporation

2009 – Diversified to Housing Development Corporation by shifting the mandate from developing Hulhumalé to carry out housing projects around the whole country

2015 – Total 244 hectares of Hulhumalé Phase II reclaimed within 77 days and inaugurated

2018 – Launch of Open Access Network (OAN) project to create Asia’s First 100% Gigabit enabled city in Hulhumalé

2019 – HDC handed over social housing segments of Hulhumalé development to Fahi Dhiriulhun Corporation Ltd, pivoting HDC’s focus towards developing infrastructure & commercial projects

2020 – Housing Development Corporation Merger with Greater Malé Industrial Zone Limited (GMIZL), granting HDC the authority to develop Thilafushi, Gulhifalhu and Hulhumalé under one umbrella

2022 – Integrated tourism island project Urban Isle officially launched by Managing Director, Ahmed Athif

2022 – Thilafushi masterplan launched by Minister of Economic Development, Uz. Fayyaz Ismail

2023 – The ultimate urban getaway of Maldives, Kudagiri Picnic Island officially opened by HEP Ibrahim Mohamed Solih

2023 – HDC brand launched with new additions to mandate, paving its way to a world of better tomorrows.

2023 – Urbanco brand launched with new additions to mandate.

2023 – The reclamation of Ras Malé, the largest development in the Maldives, was officially inaugurated by President Dr. Mohamed Muizzu

2024 – MOU signing between Male City Council to transfer municipal services of Hulhumalé.

2024 – Housing Development Corporation brand reinstatement



“A leader in redefining quality living”



“To be a pioneer in establishing higher standards of living through intelligent, innovative and sustainable development in the Maldives”










5 Pillars

Economic Sustainability

Environmental Sustainability

Social Inclusivity

Good Governance

Innovation & Technology


Products & services

Our land


Sale of bare land or land with developed property in full/part to a buyer without any expiration date.


Lease of bare land or developed property in full/part to a lessee for a period of time.

Develop and Lease

HDC transfers the right to develop real estate on a bare land plot to a developer with the right to lease the developed property in full/part to end customers.

Development and Sale Right

HDC transfers the right to develop real estate on a bare land plot to a developer with the right to sell the developed property in full/part to end buyers, and whereby HDC will transfer a freehold/leasehold title to the said end-buyers/customers.

Joint Venture (JV model)

A business arrangement where HDC would be contributing land leasehold rights and the developer/investor contributes the necessary investment fund to undertake the project. In a JV model, both parties will share the profit and risks earned from the venture.

Developed properties

Developed residential properties

Hulhumalé consists of three types of housing – social, mid-range and luxury. HDC uses three business models for sale of the residential properties - End user financing, lease to own and outright sales.

End user financing

The owner buys the property through the support of financial institutions. The ownership of the property is transferred immediately.

Lease to own

HDC signs a lease agreement with the buyer which allows the buyer to live in the property while paying monthly installments. At the end of the lease, the ownership will be transferred to the buyer. 

Council housing

Council housing units are owned by the government, and the units are available for the public based on a lease model only.

Full payment model

The ownership will be transferred to the buyer after receiving the full sale amount of the property.

Lease of commercial units

The Island’s commercial zoning is determined​ed after ​undertaking a comprehensive analysis to identify the most required commercial usages within Hulhumale.

Our procedure includes Direct Allocations and Request for proposals (RFP). In direct allocations, selected parties are invited to a bidding process where the winner is awarded the unit after carrying out the required evaluation process. RFP is an announcement for a focused project, calling out the interested parties. At the end of the process the contract is awarded to the proponent who achieves the highest points after the proposal evaluation process, based on the preset evaluation criteria.

Commercial units in Hulhumalé are leased using two business models – lease model and minimum monthly guarantee model. Lease terms can be unique retrospective of the tenant and the Corporation’s requirements. The main objective of allocating commercial spaces is to fulfil the needs of residents and build a strong commercial lease clientele, while enhancing the overall brand identity of Hulhumale’.

Lease model

It is a payment for a right to use the place for the usage identified by HDC, for an agreed period between HDC and the commercial tenant.

Minimum monthly guarantee model

The tenant agrees to pay the Minimum Monthly Guarantee lease or the percentage agreed on the net revenue, whichever is higher, to HDC as the monthly lease. Lease rate offered under this model is considerably lower than the rates charged under lease model, minimizing the risks.

Property management

Property management is responsible for the daily oversight, monitoring and management of the real estate properties at an operational level or capacity. This includes tenant liaison and communications, rent collection, procuring and managing service contracts (cleaning, security, maintenance, insurance etc) and monitoring of properties.

Smart city solutions

Network infrastructure

As the driving force behind HDC’s smart city initiative, HDC has been working on establishing a city-wide digital infrastructure, including a GPON network that is essential to cater current and future demands in Hulhumalé.

Under HDC’s GPON network, three main types of services are provided:

  • Bandwidth / Capacity (Internet / Data services)​
  • TV channels / Multicast (IPTV / VOD)​
  • Dedicated fiber link (Private fiber end to end connection)

Duct leasing and space leasing of tower projects

HDC also laid a seven-way duct network, which is a main duct with leasable subducts which service providers can lease, without having to install their own duct networks. A cellular tower project is also underway in Phase II of Hulhumale’ with the aim of enhancing mobile coverage within the city. The towers would be used as shared infrastructure by operators to install their equipment and provide services. With four towers currently up for service, HDC offers the affordable lease rates for these towers. HDC plans to install more towers, street poles and rooftop poles across Hulhumale’ Phase I and Phase II.

Smart Solutions

In order to address the challenges faced in Hulhumalé, HDC has planned smart city solutions, whereby there will be a wide array of smart products and services targeted for various sectors including waste management, street light control, smart parking, smart homes and buildings, health and education, governance, mobility and public transport, ecommerce, etc.

Hospitality solutions

Tourism Island

The Tourism Island is set to become the Maldives’ first cityside resort in Hulhumalé metropolis that will be complemented by a number of upcoming urban tourism attractions in the city such as the Heritage Island, Water Theme Park, Yacht Marina and Cruise Terminal. Diversifying the Maldives’ exclusive one island one hotel concept, this urban resort will present a collection of lodging types and amenities that sets to celebrate and welcome every traveler.

Other products

Lease of event space

Available event spaces in Hulhumalé;

  • Central Park
  • Central Park, expo area 1
  • Central Park, expo area 2
  • Ruhgandu 1
  • Ruhgandu 1, each zone leased separately
  • Ruhgandu 2
  • Ruhgandu 2, each zone leased separately
  • Commercial block A
  • Commercial block D
  • Community center courtyard

If you are interested in booking an event space in Hulhumalé, an application form will be available for download from our website, Media center. Make sure to download the guidelines for lease of event space and lease rates for further information.

Advertising space leasing

With technology advancement and emergence of smart cities, high street advertising in cities has been continuously changing. HDC has been working on enhancing of the current advertising spaces within the Hulhumalé, and increasing the number of ad spaces and digital signage placements in the city.

Sale of sand & block

The form to request for buying sand, blocks & curbs will be available for download from our website, Media Center. After the completed form is submitted to HDC reception and the obligatory fee is being paid, Hulhumalé Operations will release the requested product (sand, blocks & curbs) for collection.

About HDC

What we do

From master planning to the development of cities that shape sustainable spaces, fostering a future of belonging that endures and excels in residential, mixed-use projects, healthcare, education, recreation, culture, innovation, hospitality, industrialization, and entrepreneurship - we are building cities and creating opportunities like no other for all people in Hulhumalé.

Our aim is to create momentum in industrialization in Thilafushi and Gulhifalhu, empowering industrialists by generating diverse opportunities in the country. Enriching the Maldives through the one-island-one-resort concept, Urban Isle is set to be the premier destination. From backpackers to affluent tourists, the island offers something for everyone.

Kudagiri offers a fusion of modern amenities and island lifestyle for the local community. An island getaway not too far from the hustle and bustle of city life is picture-perfect for your Instagram feed.

Launched in late 2023, Rasmalé spans three times the size of Hulhumalé. The largest development project in the Maldives has begun with this initiative. A futuristic eco-city encapsulates the commitment of the president of the Maldives, proving to be a permanent solution to the housing crisis in the Greater Malé Region.

Our commitment to the future of our community is evident in our projects, dedicating each square meter for their well-being with modern and sustainable infrastructure. With a legacy of 27 years, our ability to lead in exceptional city development and master planning is enhanced by a brilliant, well-versed team nationwide

About HDC
About HDC