By Th. Kalhidhiyafushi, a resort property in the Maldives, is up for sale once more, marking the third attempt to find a buyer. The announcement urges interested parties to submit their bids before the end of the month, with a bid deposit requirement set at $100,000.
The minimum price set for the purchase stands at $34 million (MVR 525 million), representing a $4 million increase from the last offering in September. Initially put on the market for $29.5 million (MVR 454.9 million) in September, the property’s price has seen successive adjustments.
The resort’s history is intertwined with financial complexities. Originally acquired through a credit facility from Huravi Investment in 2016, which is majority-owned by former Guraidhoo MP Hussain Manik Donmanick, the property came under the Bank of Maldives’ ownership in February 2019 following a civil court ruling.
Th. Kalhidhiyafushi is among the properties allocated through the Maldives Marketing and Public Relations Corporation (MMPRC), with investigations by the Anti-Corruption Commission (ACC) adding further layers of scrutiny.
The development agreement for the resort was inked with the Ministry of Tourism in 2015 under the tenure of former Tourism Minister Ahmed Adheeb. Planned amenities include 97 private villas, 100 rooms, and three restaurants in collaboration with international hotel chain Melia Hotels, with approximately 80% of the work completed.
As the resort seeks a new owner, the Maldivian hospitality landscape awaits the outcome of this latest sale endeavor.