On 18th September 2012, the Housing Development Corporation (HDC) entered into a Joint Venture (JV) Agreement with Bora Insaat Sanayi Ve Ticaret Limited Sirketi (Bora Construction), a company based in Turkey, to develop more than 1100 residential and mix-residential housing units in Hulhumalé. Mr. Suhail Ahmed, Managing Director, signed the agreement on behalf of HDC, and Mr. Alpa E.Suri, Managing Director, signed on behalf of Bora Construction. The Project will be undertaken by a Joint Venture Company established between HDC and Bora Construction.

The ceremony was held at Traders hotel, Malé and was attended by his Excellency, President Dr. Mohamed Waheed, Minister of Housing and Infrastructure, Dr. Mohamed Muizzu and Minister of Finance and Treasury, Mr. Abdulla Jihad as well as other high level delegates from the Government. Additionally, representatives from other institutions, such as HDFC, were present at the ceremony.