Kudhimagooge auction reopened as MIB lowers starting price by MVR 500,000

Maldives Islamic Bank (MIB) has opened another tender for the sale of a plot of land and its building in Male' City, announcing the property Ma. Kudhimagooge for auction once again. The house sits on 830 square feet of land.

The Civil Court granted MIB permission to sell the property in December last year after the owner failed to repay a MVR 2 million loan. The house was first announced for sale in January this year with a starting price of MVR 12,650,000. The auction was re-announced in July with a revised starting price of MVR 12,150,000.

MIB has now reduced the starting price by MVR 500,000 from the July announcement. The new starting price is MVR 11,650,000.

The auction will remain open from Wednesday until 13:00 next Wednesday. Bids must be submitted to the auction box located at the Business Department on the third floor of the MIB Head Office.

At 13:00 next Wednesday, the bid letters will be opened in front of the participants, and the highest bid will be announced as the starting price for the live auction.

Bidders are required to submit a bid security of MVR 100,000. MIB said further information regarding the auction can be obtained by calling 3044573 or by emailing [email protected].