Urbanco has opened the opportunity to purchase 15 residential plots of land in Hulhumale' Phase I.
Urbanco stated that five plots of land on the beachfront and 10 plots of land on the beachside are open for sale. Of the 15 plots, the beachside plots will range in size from 1,644-2,338sqm. The beachfront land will be 1,270-1,803sqm respectively.
Bidding requirements include being a Maldivian citizen who has obtained the age of 18 years or a company registered in the Maldives with 100% Maldivian shareholding. The starting bid price for the 15 plots is USD421 per sqm. The starting bid price for the beachside land is USD356 per sqm. The sale of the land will be conducted in two main phases. The first phase will be the submission of an Expression of Interest (EOI) for the land of interest. The second phase will be bidding for the EOI proposed land. Bidding is available through the online portal of Urbanco.
Urbanco opened the opportunity for individuals interested in purchasing land to register in the portal and submit bids. Individuals can purchase only one plot of land under this opportunity. Interested buyers are required to complete a bid security form of USD64,850 through the portal.
Urbanco stated that successful bidders will be given a period of 30 days from the date of sending the winning bid acknowledgment for payment. the land sale agreement will be signed within 14 days of payment and the land will be handed over within seven days of signing the agreement.