MALE, Feb 9 (HNS) - Two land plots of Hulhumale have been put for tender Wednesday by Hulhumale Development Corporation for real estate business where 232 apartments will be built.

The sizes of the land plots, put for tender for real estate business for the first time by HDC, are 75,051 square feet and 75,868 square feet.

Each land plot is sold at a rate of Rf 425 per square feet. The land plots will be awarded to the successful bidder when a down payment of 25 percent of the total cost is paid and on condition that the remaining money is paid in 10 year’s duration with interest.

HDC had decided to select the parties to whom the land plots will be awarded by taking a draw between successful bidders.

The important factors in the proposal are the business plan, financial plan and bid security.

An official of HDC said Wednesday that when the two land plots, situated at the Northeastern area of Hulhumale, are used for buildings there would be 232 apartments there. That is 116 apartments in each land plot.

“Numerous house blocks can be built on these two land plots. However the maximum height is eight floors. Those who develop those two land plots can build there and give those places for rent. We have no reservations on that. However the building process should go according to our business plan,” the official said.

HDC said that the bid documents will be available from Novelty Bookshop from last Wednesday onwards. The price of a bid document is Rf 500.