Maldives Islamic Bank (MIB) has once again opened the bidding process for the sale of M. Kudimaguge through a public auction.
The property is being auctioned following a court order granted to Maldives Islamic Bank, after the owners failed to settle a loan for which the house was pledged as collateral. Although the bank had previously opened the property for auction, this latest announcement sets the starting price at MVR 11.6 million. The land area of M. Kudimaguge is 830 square feet, situated in a high-demand area of Male’.
According to MIB, the deadline for submitting auction bids is 13:00 hrs on the 12th of this month. The starting bid price specified in the bank’s announcement is MVR 11,650,000 (Eleven Million Six Hundred and Fifty Thousand).
The bank stated that at the end of the submission period, all bid envelopes will be opened in the presence of the bidders who are in attendance, and the highest offered price will be announced. MIB further clarified that any subsequent bid must be at least MVR 500,000 higher than the preceding highest offer. To participate in this auction, interested parties are required to submit a bid security of MVR 100,000.
For further information regarding the auction, MIB advises interested parties to contact 3011138 or email inquiries to [email protected].
The bank had previously attempted to sell the property through an auction in July this year.
