MIB Lowers Kudhimagooge Starting Price Again
Maldives Islamic Bank has reopened bidding for the Ma. Kudhimagooge property in Male' City, cutting the starting price to MVR 11,650,000 ahead of a new auction deadline
By Rishwan Share
Maldives Islamic Bank (MIB) has reopened a tender for the sale of Ma. Kudhimagooge, a plot of land and building in Male' City sitting on 830 square feet, after lowering the starting price once again.
The Civil Court granted MIB permission to sell the property in December last year, after its owner failed to repay a MVR 2 million loan. The property was first put up for sale in January this year with a starting price of MVR 12,650,000, which was revised down to MVR 12,150,000 when the auction was re-announced in July.
MIB has now reduced the starting price by a further MVR 500,000, bringing it to MVR 11,650,000.