MVR 9,700 per square foot: Highest bid for Hulhumale' phase 2 land plots

Thirty-four land plots near the beach side of Hulhumale Phase 2, have been purchased for a maximum price of MVR 9,700 per square feet.

A total of 179 people have applied to buy land from the beach side of phase 2. However, four bids were canceled due to several reasons.

The highest bidder, Hussain Alban submitted MVR 9,700 per square foot while the closest bid of MVR 9,233.33 was submitted by Mohamed Ashraf.

The bids won were at prices between an average of MVR 7,100 - 8,900 per square foot. The lowest winning bid was submitted at MVR 7,157 per square foot.

While an amount of MVR 320,000 is required as bid security, the land will be issued to the highest bidders.

Ibrahim Majeed, who proposed the highest bid on the beach front plot, submitted a price amounting to MVR 10 million per square foot. However, as the unrealistic amount submitted was a mistake the bid was canceled and given the opportunity to apply to the beach side.

He won the land from the beach side for MVR 8,227 per square foot.