Drift Thelu Veliga

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.

Hotelier News Desk
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