The Maldives Islamic Bank (MIB) has announced the public auction of Mahchangolhi Kudhimagooge for a starting price of MVR 12 million.
Located in the capital city of Male', where land demand remains exceptionally high, Kudhimagooge spans a total area of 830 square feet.
According to the announcement by MIB, the deadline for submitting auction bids is 1:00 pm on August 3. The bank has set the minimum starting bid for the property at MVR 12,150,000.00.
The bank said that once the submission deadline passes, all bids will be opened in the presence of the bidders in attendance, and the highest offered price will be publicly announced.
MIB further clarified that after the bids are revealed, attendees will have the opportunity to outbid the highest offer. Each new bid must increase the previous offer by a minimum increment of MVR 500,000.
To participate in the auction, interested parties are required to submit a bid security of MVR 100,000. A template for the bid security is available on the MIB website.
For further information regarding the auction, MIB advises interested parties to seek clarification by emailing auction@mib.com.mv.
