Commercial Bank of Maldives (CBM) has announced the auction of two land plots in Malé for the third time, following the owner's failure to meet regular loan repayment obligations.
The properties up for auction are Maafannu Doragali 2 and Maafannu Doragali 3. The bank has set a combined minimum reserve price of MVR 3.8 million for both plots and the structures standing on them.
Each plot measures 190.65 square feet, bringing the total area offered for sale to 381.30 square feet. CBM stated that interested parties are required to purchase the official bidding documents to participate in the auction.
The tender documents are priced at MVR 1,000 and are available through the bank’s official website or at the CBM Head Office located on the second floor of Henveiru Filigasdhoshuge.
The bank has outlined several key requirements for prospective bidders, including a mandatory bid security of MVR 25,000. The deadline for bid submission is 2:00 pm on November 1. Bids will be opened immediately following the deadline on the second floor of the CBM Head Office in the presence of the bidders.
CBM further noted that the highest bidder and their proposed price will be publicly announced during the bid-opening ceremony. This marks the third attempt by the bank to sell these properties, as previous announcements failed to generate sufficient interest.
Parties seeking further information regarding the auction may contact the bank at 3029102 or 3029168. Inquiries can also be directed to the bank’s legal department via email. The foreclosure and sale of mortgaged property is a standard procedure employed by banks to recover outstanding debts when borrowers default on their loans.
