VR 1.2 million has been incurred so far to rebrand Housing Development Corporation (HDC) to Urbanco, as per the company.

Responding to a question submitted by an individual under the Right to Information Act – the company said that renaming HDC as Urban Development Corporation, with Urbanco, as a brand name, was a decision taken in 2021.

Detailing the finances incurred in this trajectory, the company detailed MVR 1,284,291 has been spent to implement the Urbanco branding so far. The company said a priority was allocated to sticking to minimum expenditure in acquiring the needful during the rebranding process.

On this note, they said the highest expense was incurred to build the company’s flag tent and display banner stand at MVR 353,008. The second highest expense was incurred for pens, notebooks, and mugs at MVR 279,000.

Expenses were also incurred to change the main name board, departments’ name boards, and videography. A further MVR 150,000 was approximately incurred for MVR 150,000 for advertising the new brand. Urbanco expects an additional expense of MVR 487,000 to rebrand staff buses, speedboats and ferries.

They expect the rebranding cost in total hit MVR 1.7 million. However, Urbanco highlighted the possibility of the amount changing as company policies in acquiring goods significantly cuts down the cost.

Urbanco said its goal is to collaborate with local councils across Maldives to identify the developmental needs of local communities in line with the government’s vision, and utilize the company’s experience and success to expand the company to engage in work that is beneficial to the people.

The company said it will no longer focus solely on Hulhumale’, but beyond.