In a significant policy change, individuals are now permitted to submit multiple bids for acquiring industrial land in Thilafushi, marking a departure from the previous single-bid restriction. This adjustment aims to enhance opportunities for securing land dedicated to industrial purposes.
The bidding process for land acquisition in Thilafushi commenced in May, following the completion of the second phase of land reclamation in February 2024, exclusively accessible to Maldivian nationals.
Under the revised policy, each subsequent bid must exceed the highest current bid by at least USD 1. A new feature labeled “15+” on the bidding platform automatically increments the bid by this amount, while bidders can also manually enter higher amounts.
The new policy offers three distinct land sizes tailored for various commercial uses, totaling 108 plots available for sale in two phases. Initially, interested parties must submit expressions of interest (EOIs). In cases where multiple EOIs are received for the same plot, a tender process will determine the buyer. The minimum bid price is set at USD 110 per acre.
This restructuring aims to facilitate greater opportunities for local businesses in Malé City to establish permanent operations in Thilafushi. Concurrently, efforts to restructure rental agreements for Thilafushi land have also commenced.
Interest in acquiring commercial plots in Thilafushi has been substantial, prompting plans for an additional bidding round based on plot availability. The first phase of plot allocations will begin based on received EOIs by this Sunday, adhering to corporate policies and the Thilafushi master plan. A subsequent bidding round will follow if plots remain unallocated after the initial phase.
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