Urbanco has put up three land plots for bidding for the development of a boutique hotel in Urban Isle.
Urban Isle is being developed as a tourism island on the north of Hulhumale' phase two by Urbanco.
According to the announcement, the lands open for bidding are between 4,246 and 5,413 square feet. The minimum acquisition price is USD 22.15 per square foot.
At this rate, a minimum of USD 94,049.786 would be required for the land acquisition cost. The price should be paid in US dollars.
Sizes of land
- Lot No. 21742 / 4,246.04 square feet
- Lot No. 21747 / 4,926.46 square feet
- Lot No. 21748 / 5413.38 square feet
The plot will be leased for a period of 50 years. Six-storey buildings can be established on the lots with a two-year period for construction.
Foreign investors are also invited to submit proposals. However, company shareholders and individuals who have previously previously rented land for boutique hotels will be ineligible to join the bidding.
More information about the bid can be found on the Urbanco website.
