57 plots of land from Thilafushi to be sold!

Aerial view of Thilafushi island. | Photo: Facebook

Malé, Maldives – Housing Development Corporation (HDC) has announced for the sale of 57 lands from Thilafushi Phase 2 for industrial purposes.

The opening comes amid widespread concerns and criticism of the decision to allow foreign parties to buy the lands. The resolution against the sale of land to foreigners was also rejected in the parliament yesterday.

57 plots of land will be sold for industrial purposes. The HDC has decided to allocate six types of plots. They range from 2,500 sqft to 35,000 sqft. The minimum price is MVR 1,700 per sqft.

Land will be allocated to foreigners for 99 years while land will be sold to Maldivians on a land ownership basis.

The land sizes determined to be sold”

  • Type 1: 2,500-4,999 square feet
  • Type 2: 5,000- 9,999 square feet
  • Type 3: 10,000- 14,999 square feet
  • Type 4: 15,000- 19,999 square feet
  • Type 5: 20,000-29,999 square feet
  • Type 6: 30,000-35,000 square feet

The largest number of plots are issued by type two. Twenty plots of that size, 14 Type 1 plots, seven Type 3 and 4 plots and one Type 5 and Type 6 plots will be sold. Bid security of MVR 150,000 is required for Type 1 land.

Bid security of MVR 300,000 for Type 2, MVR 500,000 for Type 3, MVR 700,000 for Type 4, MVR 1 million for Type 5 and MVR 1.3 million for Type 6 is required.

The HDC had decided to sell the land in two phases through tender. In the first stage, you have to submit an Expression of Interest (EOI) for the land you are interested in. The second stage is the submission of bids for the land for which the EOI has been submitted.

Bids for the land are due on the 13th of this month.