Palm Beach Resort up for sale again

Palm Beach Resort | Photo: Agoda

Male’, Maldives – Palm Beach Resort has been put up for sale once again by State Bank of India (SBI), after being put up for sale twice earlier, both which failed due to insufficient responses from bidders.

Palm Beach Resort which is under Ibrahim Ali Manik from has been auctioned by SBI due to failure of paying back the loan taken by Monaza Construction and Guardian Agency Private Limited after offering the resort as a collateral. The bank was given the rights to sell the resort by Civil Court after the verdict was passed in their favor to gain back the money.

SBI first announced to sell the resort for USD 20 million which is MVR 400.9 million. But as they got no responses from buyers, the price was reduced to USD 15.3 million which totals up to MVR 235.9 million.

As instructed by SBI, those interested should drop an envelope which contains copy of the national ID card for individual buyers and a copy of the company registration stamp for companies into the “locked box”. Interested parties will also have to pay USD 15,000 along with the bid applicant as a guarantee. This amount will be refunded for all unsuccessful applicants, according to the bank, and in the case of the successful applicant, it is be appropriated towards the bid amount.

In a press explanation delivered by the retreat ealier, the resort expressed that SBI followed an unlawful abandonment measure, after the two parties had gone to an out of court arrangement as a way to forestall losing the resort to the bank. It was additionally said that the bank has since chosen to force unjustifiable and unlawful sums over the material charges, “in an apparent effort to frustrate attempts” by the mortgagor to settle accounts, which the retreat cases to impact an unlawful plan to favor a third party, specially during a worldwide pandemic.