The Housing Development Corporation (HDC) has announced the sale of 50 plots of land in Thilafushi Phase II for industrial purposes.
The sale will occur in stages, with the first phase involving the sale of plots from Zone A of Thilafushi Phase II. Both local and foreign applicants are eligible to purchase the plots, with local applicants being granted freehold rights and foreign applicants being granted 99 years of leasehold rights. The starting price for the plots is MVR 1,700 per square foot.
The 50 plots for sale range in size from 2,500 to 35,000 square feet. The application process involves submitting an Expression of Interest (EOI) and bidding. Interested parties can apply through HDC’s online portal, with bid securities ranging from MVR 150,000 to MVR 1.3 million. If no other bid is submitted within 10 days, the party with the winning bid will receive the plot. If another bid is submitted, a three-day bidding process will ensue. The entire process is expected to take place through the online portal within six months.
Recently, HDC unveiled its master plan to transform Thilafushi into the main industrial hub of the Maldives.
