BOC Lists Drift Thelu Veliga Retreat for Sale in Southern Ari Atoll

The Bank of Ceylon (BOC) has unveiled plans to sell the esteemed 'Drift Thelu Veliga Retreat,' an upscale resort nestled in the picturesque Southern Ari Atoll. Following a March 14 verdict from the Civil Court, granting authorization for the sale of leasehold rights, BOC has initiated the process to find a new owner for this exquisite property.
According to the bank's notification, the current lease, set to expire in April 2064, offers the winning bidder the opportunity to extend it for an additional 49 years in accordance with the Maldives Tourism Act. BOC has set a minimum sale price of USD 21.14 million for the Drift Thelu Veliga Retreat, a testament to its prestige and value in the hospitality sector.
Prospective buyers keen on acquiring the leasehold rights are required to submit their proposals along with a non-refundable deposit of USD 2,000 to obtain the necessary tender applications and documents from BOC. The bidding process mandates a USD 25,000 deposit upon application submission, with a deadline set for April 23 at 1400 hrs.
BOC's terms outline a structured payment schedule for the successful bidder, requiring a 25 percent transfer of the bid sum within 30 days of acceptance and the remaining payment completion within 60 days.