The Housing Development Corporation has signed Contract Agreements with the successful bidders of the project for the Development of a Media Park in Hulhumalé, announced by the Corporation in October 2009. Under the contract, each of the parties has been allocated a land parcel on leasehold basis of 25 years to undertake media related activities.

The Media Park project involves development of media related investments within one focused area, aiding the creation of a specialized hub, where all the media companies can interact, work together and flourish. A total of 14 land parcels were initially announced under this project.

A total of 20 parties initially expressed interest for the project, and the bidding process was carried out with these parties out of which eight parties submitted detailed proposals to the Request for Proposal issued by the Corporation. The parties who have signed the Contract Agreements with the Corporation are:

• Picture Land FM (Sun FM)
• Novelty Printers and Publishers Pvt Ltd
• Island Broadcasting Company Pvt Ltd
• Medianet Pvt Ltd
• Think Associates Pvt Ltd
• Fujifilm Imaging Digital Station

These parties will invest in media related projects such as Printing & Publishing Plants, Graphic Design, Multimedia and Layout Studios, Film Companies, Sound Studios, Broadcasting Companies, Advertising and Billboard Manufacturers and Production Workshops, Newspaper Offices and Print Floors etc.

All investing parties are required to deliver their projects within 12 months from the date of signing the Agreement.

HDC hopes that the Media Park Project will foster an environment that is attractive to creative investors and allow them to maximize the benefits from synergistic effects.