Company bids MVR 2.3 million as acquisition cost for overwater restaurant

Hulhumale' Phase II. (Sun Photo/Mohamed Hayyan)

A private company has offered to pay MVR 2.3 million as acquisition cost to develop and operate an overwater restaurant in Hulhumale’.

Housing Development Corporation (HDC) has posted the bid invitation for the project to build an overwater restaurant to the east of the bridges that connect Phase I and Phase II of Hulhumale’ on June 19.

HDC said the project received four bids. However, one of the bids was rejected due to failure to disclose relevant information.

The bid that proposed the highest advance payment was made by Amir Mansoor Investment; a company founded by businessman Amir Mansoor.

Amir proposed paying MVR 2.3 million as acquisition cost and MVR 26 per square foot the first year, MVR 27 per square foot the second year, MVR 28 per square foot the third year, MVR 28.50 per square foot the fourth year, and MVR 29.50 per square foot the fifth year as lease payment.

HDC has previously stated the project would be awarded to the bidder that proposes the highest lease and highest acquisition cost. Bidders had to put down MVR 500,000 as bid security and propose minimum MVR 180,000 as acquisition cost.

HDC has decided to lease a 10,519 square feet area for the overwater restaurant.