Drift Thelu Veliga Retreat in South Ari Atoll up for sale by BOC

The Bank of Ceylon (BOC) announced the sale of the luxurious Drift Thelu Veliga Retreat, a five-star resort located in the South Ari Atoll. According to the bank, a Civil Court judgement granted them the right to sell the leasehold rights of the property to recover outstanding debts.

The resort boasts 30 rooms and boasts a lease valid until 2064, with the option for the new owner to extend it for an additional 49 years under the Maldives Tourism Act.

BOC has set a minimum bid of USD 21.14 million for the property.

Those interested in acquiring the resort can purchase bid documents by April 18th, 2024. A non-refundable deposit of USD $2,000 is required to obtain these documents, followed by a further deposit of USD $25,000 upon submitting a formal bid.

The deadline for submitting bids is April 23rd, 2024, at 2:00 pm. The successful bidder will be required to pay 25% of the winning bid within 30 days and the remaining balance within 60 days.