According to Housing Development Corporation (HDC), the plots of land to be sold are from neighborhood 1 of the reclaimed area. The plots will be of two sizes: 1,000 square feet and 1,800 square feet.
While the bidding process is set to begin on September 18, starting price has been set at MVR 3000 per square feet.
HDC’s Managing Director, Mohamed Simon, told at a press conference on Tuesday that Maldivians 18 and above are eligible to bid for the land plots. He stated that a specified amount must be paid as bid security, adding that five percent of the value of the land will be taken as acquisition cost.
According to Simon, bid winners have to make the complete payment within two weeks, and if the payment is made through third parties, payment duration will be three months.
HDC press release: Sale of Land Plots in Hulhumalé Phase II