HDC to earn minimum MVR 763m from Thilafushi land sale
A total of 449,360.85 sqft of land will be auctioned
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Housing Development Corporation (HDC) is set to receive at least MVR 763.9 million from the sale of 50 plots of land in Thilafushi for industrial purposes, according to information documents published by the company on Tuesday.
According to the announcement made by HDC Tuesday evening and the information sheet contained in the notification, under the first phase of allotment of land from Thilafushi for industrial purposes:
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A total of 449,360.85 sqft of land will be auctioned
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The reserve price is MVR 1,700 per sqft
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Going by this rate, HDC will earn a minimum of MVR 763.9 million
As per the notification:
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14 Type 1 plots: Plots range from 2,500-4,999.99 sqft (bid security is MVR 150,000)
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20 Type 2 plots: Plots range from 5,000-9,999.99 sqft (bid security is MVR 300,000)
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Seven Type 3 plots: Plots range from 10,000-14,999.99 sqft (bid security is MVR 500,000)
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Seven Type 4 plots: Plots range from 15,000-19,999.99 sqft (bid security is MVR 700,000)
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One Type 5 plots: Plots range from 20,000-29,999.99 sqft (bid security is MVR 1 million)
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One Type 6 plots: Plots range from 30,000-35,000 sqft (bid security is MVR 1.3 million)
The auction procedure includes:
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Bids accepted from an individual or company (including locals and foreigners)
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Freehold land ownership if the winning bidder is a local or a local company
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Leasehold rights for 99 years if the winning bidder is a foreigner or a foreign company
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The reserve price for bidding is MVR 1,700 per sqft
The stages at which the land will be auctioned include:
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Stage 1: Submission of Expression of Interest (EOI) to the plot of interest
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Stage 2: Bidding for the land for which the EOI has been submitted
According to HDC, interested bidders will have to submit their proposals through an online portal which went live on Tuesday.
The government aims to reclaim a portion of Thilafushi and convert it into an industrial hub. This plan is aimed at resolving the problem of land scarcity and land rental rise in the Male region by shifting industrial activities in the Male area to Thilafushi.
