Urbanco Announces Fifteen Residential Plots For Sale In Hulhumale

Urban Development Corporation (Urbanco) has opened for the sale of 15 residential land plots in Hulhumale’ phase 1. Out of the 15 plots, 10 are located on the beachside while 5 are situated on the beachfront. The beachside plots measure in size between 1644-2338 sqm while the beachfront plots are slightly smaller in size ranging from 1270-1803 sqm.

The sale of the residential plots will be conducted in two major phases. In the first phase, interested parties are asked to submit their Expression of Interest (EOI) for the designated land plot. Once the EOIs are processed, the bidding for the EOI proposed land will take among all interested buyers in the second phase. The bidding will be conducted virtually through the Urbanco portal with all buyers required to complete a bid security form of USD 64,805.

All interested buyers must also fit into the bidding criteria which states that all candidates can bid for only one land plot and must be Maldivians. If a company is bidding for the land plot, it must be a 100% Maldivian shareholding company. Winning bidders will then have a 30-day period to make their payments to Urbanco with land sale agreements signed within 14 days from the date of payment. The land plots will then be handed over to buyers within 7 days from the date of signing.