On Tuesday, 26th January 2010, the Housing Development Corporation entered into a historic Joint Venture (JV) Agreement with Preuksa International Company, a subsidiary of Preuksa Real Estate Public Company Limited to develop housing units in Hulhumalé and Malé. Mr. Mahjoob Shujau, Managing Director, signed the agreement on behalf of HDC, and Mr. Thongma Vijitpongpun, Chief Executive Officer, signed on behalf of Preuksa International.

The ceremony held at the Auditorium of the STELCO Building, Malé, was attended by the Minister of Housing, Transport and Environment, Mr. Mohamed Aslam, Minister of Economic Development and Trade, Mr. Mohamed Rasheed and the Minister of Finance and Treasury, Mr. Ali Hashim as well as an Executive Team from Preuksa and high level delegates from the Government of Maldives.

The first phase of the project will involve the development of 400 housing units in Hulhumalé, and 250 housing units in Malé, with a mix of 2 and 3 bedroom apartments catering to the middle income market. Mortgage financing for these units will be arranged through the Housing Development Finance Corporation (HDFC) Plc Maldives.

Depending on the public response to Phase 1, a total of 2,400 housing units will be developed within the next 2 to 3 years. The first phase will be mobilized within three months of completion of the JV registration process. The 650 housing units under Phase 1 will provide housing for approximately 3,900 residents.