In a significant policy shift, individuals can now submit more than one bid to purchase industrial land in Thilafushi. Previously, the policy allowed only one bid per person. This change aims to provide bidders with more opportunities to secure land for industrial purposes.
The bid process for land acquisition in Thilafushi was opened in May, following the completion of the second phase of land reclamation in February 2024. The process is exclusive to Maldivians.
Under the new policy, each bid must exceed the highest current bid by at least USD 1. An option labelled “15+” will appear on the bidding screen, automatically adding the necessary amount to make the new bid higher. Bidders can also manually input any amount above USD 1 to increase their bid.
The new policy allows for three different land sizes for various commercial purposes. A total of 108 plots of land are available, with sales proceeding in two phases. In the first phase, expressions of interest (EOI) are required. If multiple parties express interest in the same plot, the land will be sold through a tender process. The minimum bid price is set at USD 110 per acre.
The revised bidding process aims to provide more opportunities for local business owners in Malé City to establish permanent business operations. Additionally, the process of restructuring rental agreements for land in Thilafushi has commenced.
There has been significant interest from potential buyers for commercial plots in Thilafushi, and an additional round of bidding will be announced based on plot availability. The sale of the 108 plots for commercial purposes will proceed in two stages, beginning with the submission of EOIs. If more than one party expresses interest in a plot, it will then be opened for bidding.
The first phase of issuing plots will begin based on the EOIs received by this Sunday. Plots will be issued according to the corporation’s policies and the Thilafushi master plan. A second round of bidding will be announced if plots remain available after the initial issuance.
