Housing Development Corporation Limited (HDC) has changed the policies to allow more than one bid per person to buy land from Thilafushi for industrial purposes. The policies previously mandated that only one bid per person could be submitted to buy land from Thilafushi.
HDC opened the bid process to buy land from Thilafushi in May, following the completion of the reclamation work of the second phase of Thilafushi in February 2024. The bid process was opened for Maldivians only.
Changes brought to the policies by HDC stipulates that each bid must be at least USD 1 higher than the highest bid proposed at that time. As such, an option of “15+” would be seen on the screen when submitting the new bid, which will add the amount to make the new bid higher than the highest bid price at the time. The bids may also be submitted by adding any amount of the bidder's choice above USD 1 to the highest bid price at the time using the numbering box.
HDC notes that the policies were changed to give the bidders more opportunity to increase their chances of winning the bid.
HDC has opened the bid process for three sizes of land for various commercial purposes. As such, the company opened the bid process to sell 108 plots of land, in two phases. The first phase requires expression of interest in the land, after which if more than one party has expressed interest in the same land, the land will be sold through tender. The minimum bid price is USD 110 per acre.
The corporation opened the opportunity to buy land for various commercial and industrial purposes to provide more opportunities for the local business owners of Male’ City to conduct business activities permanently. HDC has also started the process of restructuring the rents of the land rented from Thilafushi.