BOC announces sale of Drift Thelu Veliga

Thelu Veliga Retreat; the five-star property is opened in 2015 is up for a sale by BOC -- Photo/ Thelu Veliga Retreat

Bank of Ceylon (BOC) has announced the sale of leasehold rights of Drift Thelu Veliga Retreat.

According to the bank, the Civil Court has extended BOC the right and permission to sell the Head Lease rights of the property, as per the court's case number 2096-CVC-2023 on March 14th, 2024.

The resort is owned by Theluveliga Retreat Private Limited, a private limited liability company, which has been mortgaged as a security at the bank to recover the dues of the Term Loan Facility obtained by Castaway Maldives Private Limited.

The bank earlier on March 21st announced that the Head Lease rights of the 5-star property is South Ari Atoll is now available for interested buyers.

BOC further added that the current Headlease period expires on April 2064, which can be extended by the successful bidder for another 49 years according to the Maldives Tourism Act.

According to the bank, the bid reserve price is fixed at MVR 21.14 million.

Interested bidders are invited to submit their proposals to acquire the leasehold rights of the property by furnishing a non-refundable deposit of USD 2,000 to obtain the tender applications and documents from BOC.

To participate in the bid, bidders are required to deposit USD 25,000 at the time of bid application submission. BOC demands the money be deposited by cash, transfer, or DD.

The bank further said that in the event of more than one successful bidder with the same prices, BOC will request the bidders for spot bids which is subjected to a minimum increment of USD 50,000.

The final hour for bid application submission to acquire the leasehold rights is 14:00hrs on April 23rd, 2024.

The 30-villa holiday retreat debuted in October 2015.