HDC announces land sale from Thilafushi Phase 2

The Housing Development Corporation (HDC) has announced the sale of land in Thilafushi Phase 2 for industrial purposes.

According to the corporation, under the first stage of the land sale, a total of six different types of plots will be sold. The base rate for the sale is MVR 1,700 per square foot.

1. Type 01: 14 plots – 2,500 square feet to 4,999.99 square feet

2. Type 02: 20 plots – 5,000 square feet to 9,999.99 square feet

3. Type 03: 7 plots – 10,000 square feet to 14,999.99 square feet

4. Type 04: 7 plots – 15,000 square feet to 19,999.99 square feet

5. Type 05: 1 plot – 20,000 square feet to 29,999.99 square feet

6. Type 06: 1 plot – 30,000 square feet to 35,000.00 square feet

1. Type 01: MVR 150,000

2. Type 02: MVR 300,000

3. Type 03: MVR 500,000

4. Type 04: MVR 700,000

5. Type 05: MVR 1,000,000

6. Type 06: MVR 1,300,000

.Any bid security with a validity of less than 13 months from the date of submission will not be accepted, said HDC.

HDC also said that any individual or company can apply for the sale. Local applicants will receive freehold rights on the plots issued, and foreign applicants will receive 99 years of leasehold rights.

Applicants can submit an Expression of Interest (EOI) for multiple plots and plot availability can be viewed via HDC’s online portal. Submission of EOI will be limited to the type of submitted bid security.

Additionally, successful winners of an EOI or bid can request to convert the bid security into part of the land payment. If an EOI or bid winner withdraws or fails to fulfil the conditions set in the conditional offer, the bid security will be claimed by HDC.

HDC further stated that a conditional award letter will be issued to the bid winner within three working days. Agreements with the winning parties will be signed after the first payment is made to HDC according to a payment schedule.

While HDC has announced the sale of 50 plots from Thilafushi Phase 2, its decision to invite foreign parties has attracted criticism from the political opposition, which has demanded to revise the decision.

Interested bidders can register for the sale at https://bids.hdc.com.mv/presales and complete the “Investor Registration” step. Bidders must submit their EOI or bid on or before February 13.