BML purchases land from Hulhumale’ for MVR 153 million

Bank of Maldives (BML) has purchased a plot of land from Hulhumale’ for MVR 153 million.

The transaction between BML and Housing Development Corporation (HDC) for the 28,000 square feet plot was finalized by the Civil Court last week, with Judge Azfa Abdul Gafoor transferring the registration for Hulhumale’ lot 11824 over to the bank.

 The national bank purchased the plot for MVR 153,938,394.

Also last week, the BML exchanged a 15,000 square feet plot in Hulhumale’ Phase II to a plot owned by HDC in Hulhumale’ Phase I. Both cases were settled by Judge Azfa on Wednesday.

The purchase of an MVR 153 million plot from Hulhumale’ by BML comes after the Maldives Monetary Authority (MMA) purchased a 43,401 square feet plot for around MVR 211 million last year. The central bank had also purchased a plot from Hulhumale’ for the same price the year before.

The land purchased by MMA lies to the west of the Hulhumale’ Central Park, next to K-Park apartments, and is set to the site for the central bank’s new headquarters.