15 plots up for sale from Hulhumale; Urbanco to get MVR 170m
If these 15 plots are sold even at the starting price, Urbanco will get a total of MVR 170.8 million.
By
Fathmath Ahmed Shareef
Urbanco on Thursday announced the sale of 15 plots of land in Hulhumale phase I for residential purposes.
The lands are worth between MVR 8.2 million and MVR 12.9 million and Urbanco will get a total of MVR 170.8 million from the sale.
According to an announcement made by Urbanco, buyers can submit proposals for these plots through the corporation's bid portal.
According to the announcement and the accompanying information paper, the plots are located in Hulhumale neighbourhood 4 and 5:
-
Beachfront - Five plots ranging from 1,270.15 to 1,803.28 sqft
-
From beachside - 10 plots measuring between 1,644.83 and 2,338.67 sqft
Reserve price:
-
Beachfront - MVR 6,500 per sqft
-
Beachside - MVR 5,500 per sqft
By that rate:
-
At least MVR 50.98 million will be raised from the sale of five beachfront land
-
At least MVR 119.8 million will be generated through sale of 10 beachside land
-
If these 15 plots are sold at the reserve price, Urbanco will get MVR 170.8 million in revenue
According to the information paper, each buyer can only can buy one plot. Those who win the opportunity to buy land will have to pay the land price within 30 days of receiving the award letter.
The conditions for purchase of land are as follows:
-
Being a Maldivian national who has attained the age of 18 years
-
A company that is registered in the Maldives and owned 100% by Maldivians
Urbanco has sold 134 plots from Hulhumale Phase II in two rounds in the past year. While the 60 plots sold in early 2022 received a good response, not many submitted bids for the 74 plots sold in October 2022.
