The Housing Development Corporation Ltd (HDC) has come to an agreement with Preuksa Real Estate Public Company Ltd. (Preuksa), one of the leading real-estate developers in Thailand, on the basic terms under which to develop a housing project in Hulhumale’ under a joint venture partnership between the two real estate companies.

The term sheet was signed today, 29th December 2009, at a ceremony held at the Housing Development Corporation, Hulhumale Office. Mr. Mahjoob Shujau, Managing Director, signed the term sheet on behalf of HDC, and Mr.Mayta Chanchamcharat, Chief Business Officer, signed the term sheet on behalf of Preuksa Real Estate Public Company Ltd. As per the agreed terms, Preuksa will develop 400-600 housing units within a year from the date of signing the Joint Venture Agreement. Both parties are working on getting the Joint Venture Agreement signed within the next two months.

The initial discussions on the project commenced in October 2009, when an executive team from Preuksa visited Maldives for introductory meetings to identify the scope and potential of undertaking housing projects in the country. During this visit, the team also met with the President of Maldives, Mr. Mohamed Nasheed. Subsequent to this visit, further dialogue had been had between both HDC and Preuska with regard to a housing project in Hulhumale’ and the mechanisms of undertaking such a venture, which has led up to the signing of the Term Sheet today.

The positive note on which Preuska has been following this project is noted with deep gratitude by the Housing Development Corporation Limited, and HDC hopes to strengthen the partnership in undertaking further development projects in Hulhumale’.