The Bank of Ceylon has announced the sale of the head leasehold rights to Drift Thelu Veliga Retreat in South Ari Atoll, following authorisation granted by the Civil Court to recover dues related to a term loan facility obtained by Castaway Maldives Private Limited. The property, a 5 star 30 villa resort located on Theluveliga Island, will be sold through a closed tender process.
According to the sale notice, the resort’s current lease expires in April 2064, and the successful bidder will have the opportunity to extend the lease for an additional 49 years in line with the Tourism Act. The reserve price has been set at USD 9.9 million. Firms wishing to participate must submit proposals that meet the tender requirements, including company registration documents, board resolutions and proof of identity of authorised representatives.
A non refundable fee of USD 5,000 is required to obtain tender documents. Bidders must also submit a deposit of USD 25,000, which will be forfeited if the bidder withdraws or fails to meet payment requirements upon being selected. Applications will be opened in the presence of bidders at Bank of Ceylon’s Malé branch immediately after the submission deadline.
Payment terms for the winning bid include 25 per cent of the bid value within 30 calendar days from the date of award and full settlement within 60 days. Should the winning bidder fail to comply, the bank may offer the opportunity to the next highest bidder. Any outstanding taxes, charges or other government fees associated with the property will be deducted from the sale proceeds.
Tender documents will be issued until 7 January 2026, and the final deadline for submitting applications is 14:00 on 8 January 2026. The bank noted that the sale is strictly on an as is basis, without warranties regarding the property’s condition or compliance status.
