The Housing Development Corporation (HDC) is set to consolidate its operations, eliminating two of its subsidiaries by November 1st 2025.
Company officials have announced that the Facilities Estate Management Company Limited (FEMCoL) and Asset Management Company Limited (AMC) will be discontinued.
Incorporated in April 2022, FEMCoL was created to improve oversight of the maintenance of HDC rental stock and building infrastructure. AMC was established in August 2022 to work alongside FEMCoL and the HDC’s construction company to ensure a smooth transition from construction to occupation of new homes.
Staff at the HDC were informed of the consolidation on Monday during a staff meeting.
When the subsidiaries were formed, it was indicated that the move was meant to improve the HDC’s efficiency and financial viability.