Maldives Islamic Bank (MIB) has reannounced the sale of Ma. Kudhimagooge at a reduced starting auction price of MVR9.65 million.

The bank has set the starting price for the land and building at MVR9,650,000.

The 830 square foot property was approved for sale by the Civil Court in December last year after the owner failed to repay a MVR2 million loan secured against the property.

MIB has previously announced the sale of the property twice. The house was most recently put up for auction in July with a starting price of MVR12 million.

Bids must be submitted by 1pm on Monday.

MIB said the bids will be opened in the presence of bidders at the auction deadline, with the highest bid announced thereafter.

Once the starting price has been announced, bidders present at the auction must increase their bids by at least MVR500,000 each time.

A bid security of MVR100,000 is required to participate in the auction. The required bid security form is available on the MIB website.

Interested bidders can contact auction@mib.com.mv for further information.