Gov’t Revises Land Bid Policies for Thilafushi

The government has revised its policies to permit multiple bids per person for purchasing land from Thilafushi for industrial purposes, whereas previously, only one bid per person was allowed.

Housing Development Corporation (HDC) initiated the bid process for Thilafushi land in May, following the completion of the second phase of reclamation work in February 2024. This bid process is exclusive to Maldivians.

advertisement

advertisement

advertisement

advertisement

Under the revised policies, each bid must be at least USD 1 higher than the current highest bid. An option labelled “15+” will be available during the bid submission, automatically increasing the new bid to be higher than the highest bid by USD 1. Additionally, bidders can manually enter any amount above USD 1 in the numbering box to surpass the highest bid at the time.

HDC stated that these changes aim to provide bidders with more opportunities to enhance their chances of winning the bid.

The bid process encompasses three land sizes for various commercial purposes. HDC has made 108 plots of land available for bidding, divided into two phases. The first phase involves expressing interest in the land, and if multiple parties express interest in the same plot, it will be sold through a tender process. The minimum bid price is set at USD 110 per acre.

This initiative aims to offer more opportunities for local business owners in Male’ City to establish permanent business activities. Additionally, HDC has commenced restructuring the rents for land leased from Thilafushi.