The six land plots opened for bidding during March has been sold yesterday. While ownership is set to be conferred once the payment is settled to the Council, the lands were sold at a price ranging between MVR 2000 and MVR 2012 per square feet.
Six land plots have been sold for MVR 24.6 million (USD 1.6 million) from the recently reclaimed land in the island that runs the widest scale of guesthouse businesses in the country – Kaafu atoll Maafushi, located 27km away from the Capital City of Male'.
President of the Maafushi Island Council, Hassan Solah stated that six people had submitted bids on the six land plots during the bidding window opened in March.
The land plots ranges between the sizes of 1,961.42 square feet and 1,961.48 square feet. They were sold at a price between MVR 2000 (USD 129.47) and MVR 2012 (USD 130.25) per square feet which is the highest price for land sold in any island in Maldives besides the capital city Male'.
Solah stated that the recipients of the land plots were notified of the sale yesterday, further adding that the bidders will be formally allocated ownerships once the price of the land is paid upfront to the Council within the following six days.
Solah revealed that some successful bidders conferred the land plots also included resort owners as well. However, he asserted that their identities can only be revealed once the land has been formally allocated.
"The six people who bid once the bidding for the land was opened have been sold the land to. Application window to rent three land plots from the area designated for tourism development in the reclaimed land will be opened in the near future," he said.
Solah revealed that the window to apply for long-term leasing of land allocated for tourism purposes from the reclaimed area will also be opened shortly.
Each land sold from Maafushi at record prices exceeds MVR 4 million.
The island saw reclamation of 25 hectares of land from its lagoon concluded in the year 2021. While this land reclamation project was launched with an expenditure of MVR 118 million from the State budget, forty five percent of the reclaimed land has been designated to arrange housing opportunities for Maafushi residents.
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