Housing Development Corporation (HDC) on Wednesday announced the opportunity for interested parties to submit their Expression of Interest (EOI) for the development and operation of Upscale Hotels at Urban Isle, Hulhumale.

To give an equal opportunity for all the interested parties, HDC invited proponents to submit EOIs for the development.

HDC further revealed that the preferred business model is lease model, although they added that it does not indicate that the EOI submitted should be limited to this model only. They also stressed that regardless of the model proposed, the benefits to both parties should be clearly stated.

"In case HDC receives more than one proposal for the development, HDC would proceed with the EOI that best suits the Corporation’s vision, strategic objectives and masterplan. When evaluating the EOIs, the best proposal would be selected based on the proposed business model, financial terms, experience of operator and developer/contractor, proposed team, financial stability and capability. Additionally, the proponents should have no outstanding amounts with HDC in order to be deemed eligible, and companies with a history of unjustifiably prolonging or delaying HDC projects without valid reasons will also be deemed ineligible," the corporation said in a press release today.

HDC further noted that the corporation reserves the right to accept or reject any proposal, and to annul the EOI process and reject all proposals at any given time prior to framework agreement signing, without thereby incurring any liability to proponents. In the event of annulment, all proponents will be informed.

The duly completed document set should be submitted as per the Expression of Interest (EOI) Application Form attached with this announcement. In addition to the EOI, the indicative financing terms and the amount to be financed should be clearly stated in the proposal.

The EOI shall be submitted via e-mail or to the address given below on or before 14:00hrs of 29th October 2024.