BML reopens Kalhudhiyafushi for sale

Bank of Maldives (BML) has reopened the island of Kalhudhiyafushi, Thaa Atoll for sale, after acquiring the island from Huravee Investments Private Limited over unpaid loans.

BML had acquired Kalhudhiyafushi from Huravee Investments in 2019 after the company failed to pay up the credit facility it took from the bank for the development of the island as a resort in 2016. After initially opening the island for sale in 2019 for USD 29.5 million, BML has opened the island for sale again to the highest bidder.

BML stated proposals for the purchase of Kalhudhiyafushi can be submitted until October 10. The bank said selected bidders will be required to pay a USD 100,000 deposit to the bank.

Huravee Investments had started the development of Kalhudhiyafushi as Gran Melia Huravee Maldives in 2016. The resort was supposed to include 97 private villas and 100 rooms, and was scheduled to open in 2017. However, the development of the resort could not be completed.