Thirteen Units Located At the Food Court Put Up For Lease By STO At A New Lowered Rate

‘Raaveribey Kohttu Veni’ or commonly known as the Food Court Area located Southwest Harbor of Male’ City was upgraded and opened by State Trading Organization Plc (STO) in May 2018. This was a project which was valued at MVR 32 million.

An announcement was made recently by the company notifying that thirteen units at the food court was presently up for lease, this time around, at a more relaxed rate. Accordingly, the current base rate for the lease is MVR 39 per square foot.

Moreover, a bid security of MVR 100,000 and advance rent money which was collected previously will not be done so this time around whereas the lessees will now be required to pay a security deposit of two months instead for three months. Apart from this, proponents will no longer have to produce a business proposal when submitting their bids for the units unlike on previous occasions.
The bidding is open for all interested parties until 2pm on the 14^th January. Proposals are to be submitted to STO Head Office’s reception prior to this.

A site visit shall also be arranged for between 7^th January & 10^th January.

Further details regarding the lease matter can be found at think link.