The highest price of 22 plots of land announced for sale from the beach front of Hulhumale' 2 has been offered at MVR 8,251 per squarefoot. That’s about MVR 20 million, based on the plots currently up for sale.
In late August, 77 plots of land were opened for sale in Hulhumale', from which 18 bidders submitted bids for the 22 beach front plots.
Bidding was opened on October 5, with the highest bid offered by Hasina Ibrahim at MVR 8,251 per squarefoot.
The closest bidder to Hasina Ibrahim was Adam Nazeer Hussain, who offered MVR 8,141. The third highest bidder, Fariyal Qasim, offered MVR 7,852 per squarefoot
The remaining bid offers to buy the land on the beach front ranged from MVR 6,500 to MVR 7,500 per squarefoot.
The size of land plots on sale by Housing Development Corporation (HDC) this time range between 1,095.05 squarefoot and 2,588.14 squarefoot.
This time, 55 plots of land will be allocated from the beach side.
During February this year, HDC sold 26 plots of land on the beach front and 34 plots on the beach side of Hulhumale 2. A total of 211 bids were submitted for 26 plots of land from the beach front.
The highest price offered for land from the beach front was MVR 10,220 per squarefoot and the highest price offered for beach side plots of MVR 9,001 per squarefoot.
During the administration of former President Abdulla Yameen, the government dredged 240 hectares of land from Hulhumale phase 2. This is the third time land has been put up for sale from the area. Land plots were first sold in 2017 during the Yameen administration.
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