Urbanco is offering the chance to buy 15 residential plots of land in Hulhumale’ Phase I. Five plots are located on the beachfront and 10 plots are on the beachside. The beachside plots range in size from 1,644-2,338sqm, while the beachfront land will be 1,270-1,803sqm respectively.
To bid on these plots, you must be a Maldivian citizen who is at least 18 years old or a company registered in the Maldives with 100% Maldivian ownership. The starting bid price for all 15 plots is MVR6,506 per sqm. The starting bid price for beachside land is MVR5,488 per sqm.
The sale of the land will occur in two phases. The first phase requires the submission of an Expression of Interest (EOI) for the desired land, followed by bidding in the second phase. Bids can be submitted through Urbanco’s online portal.
Individuals are limited to purchasing one plot of land under this offer. Those interested in participating in the bidding process are required to complete a bid security form worth MVR1,000,000 through the portal.
Successful bidders have 30 days from the date of receiving the winning bid acknowledgment to make payment. The land sale agreement will be signed within 14 days of payment, and the land will be handed over within seven days of the agreement being signed.