MIB announces auction of 'Ma.Kudhimagooge' property with a starting bid of MVR 12.15 million

The Maldives Islamic Bank (MIB) has announced the auction of the property named Ma.Kudhimagooge for MVR 12 million.

MIB noted that demand for land is extremely high in Male' City, where the plot measures 830 square feet.

The deadline for submitting bids is Monday, August 3 at 13:00. According to the announcement, the minimum bid for the auction is MVR 12,150,000.

MIB said the auction will be conducted and the highest bid announced in the presence of bidders at the deadline.

The bank also stated that those present at the auction must submit bids at least MVR 500,000 higher than the starting price.

A bid security of MVR 100,000 is required to participate. A sample bid security form is available on the Maldives Islamic Bank website.

MIB added that the land was inspected, valued, and verified before the auction process. The bank has asked interested parties to request further information via email.