The Bank of Ceylon has announced the tender sale of the leasehold rights to Thelu Veliga Retreat, a five-star, 30-villa luxury island resort located in South Ari Atoll, Maldives. The property, currently held by Theluveliga Retreat Private Limited, has a lease agreement valid until April 2064, with an option for the successful bidder to extend the lease by an additional 49 years in accordance with Maldivian law.
The reserve price for the leasehold rights has been set at USD 13,741,000. Interested parties are required to submit their proposals no later than 2:00 pm on 5th February 2025.
Key Information for Bidders
- Eligibility:
Both Maldivian and foreign individuals, as well as companies incorporated in the Maldives or abroad, are eligible to participate. Foreign companies must be registered under the laws of their respective jurisdictions and provide relevant authorisation documents with their bid applications. - Deposit Requirements:
Bidders must pay a non-refundable deposit of USD 2,000 to obtain tender documents. Additionally, a bid deposit of USD 25,000 is required, which will be refunded to unsuccessful bidders. - Payment Terms:
The successful bidder is required to pay 25% of the bid value within 30 calendar days of the bid award and the remaining 75% within 60 calendar days. Failure to meet these terms may result in forfeiture of the deposit and cancellation of the bid. - Auction Process:
If multiple bidders offer the same price, the Bank of Ceylon will hold a spot bidding session, starting with a minimum incremental amount of USD 5,000. - Legal and Administrative Costs:
Any taxes, charges, or other fees for the registration of the property in the successful bidder’s name will be deducted from the proceeds of the sale.
Sale Conditions
The property will be sold on an “as is where is” basis. Proceeds from the sale will be used to settle outstanding debts associated with the facility, including legal and recovery costs incurred by the Bank.
Timeline for the Tender
- Tender Opening: 16th January 2025
- Closing Date: 5th February 2025, at 2:00 pm
- Opening of Proposals: Immediately after the closure of the bidding period.
Strategic Investment Opportunity
Thelu Veliga Retreat is renowned for its pristine location in the Maldives, offering a unique opportunity for investors to own a luxury resort in a premier tourist destination. With the Maldives’ tourism industry rebounding strongly, this sale provides an avenue for long-term returns in the luxury hospitality market.
Interested parties are encouraged to submit their proposals promptly and adhere to the outlined procedures to participate in this exclusive investment opportunity.
