830 sqft land up for sale in Male’ after loan default

Maldives Islamic Bank (MIB), on Monday, has announced the sale of an 830 square feet land plot from Maldivian capital, Male’ City, where there is a high demand for land.

The land plot announced for tender is Ma. Kudhimagooge, located in Nikagasmagu.

Civil Court permitted the sale of the land plot put up as collateral for an MVR 2 million loan last Thursday after the borrower defaulted.

According to an announcement made by MIB on Monday, the minimum bid value has set at MVR 12,650,000.

The deadline for bid submission is January 26^th.

MIB said bidders will be allowed to offer additional amounts against the highest bid received which will be set as the starting price. However, the additional amount the bidder wishes to propose must exceed the highest bid by a minimum of MVR 500,000.

An MVR 100,000 bid security needs be deposited to participate in the bid.