A Singapore developer arrives in the Maldives with plans for Bayfancy Residence in Hulhumalé

A new name joined Hulhumalé's list of private developers in September 2024. Bayfancy Pte Ltd, a real estate developer from Singapore, re-registered in the Maldives to build an apartment building in Hulhumalé, to be called Bayfancy Residence.

Who they are

Bayfancy brought with it a team that had worked on large residential schemes in China. The company pointed to three of them:

• Runda Villas, about 650,000 square feet;
• Runda Park, about 150,000 square feet;
• Runda International, about 2 million square feet.

What they planned

The first announcement was brief:

• one-, two- and three-bedroom apartments;
• a building with a range of shared facilities;
• construction using current technology and environmentally conscious methods.

The company said it was preparing to start construction and that completing on time was a priority. It gave no completion date at this stage.

Why it mattered

Bayfancy joined a small group of overseas developers building homes for sale in Greater Malé. Each has had to show buyers who had never heard of them that they could deliver on HDC land. Bayfancy's answer would be the pace of its site.

Three months later, piling began.

Written for Binga's Bayfancy record on 18 October 2026 from the developer's announcement and press coverage at the time. Dated to the event it reports.