Bank of Maldives (BML) has announced the auction of two residences in Male' City, with starting bids of MVR 23.8 million and MVR 13 million.
In a press release, BML said that the decision to auction the properties followed defaults on two loans taken out from the bank. The residences up for auction include Machangolhi Naainfaruge and Machangolhi Beach Corner.
Naainfaruge, measuring 792 square feet, has a starting bid of MVR 13 million, with the deadline for submitting proposals set for October 10.
The second residence, Beach Corner, is a 927.33 square foot home with a starting bid of MVR 23.8 million, and bids for this property will close on October 15.
BML said that the residences will be sold to the highest bidder, with the winning bid determined once the highest amount remains unchanged for five days.
The auction will take place in the presence of attendees when the bid deadlines are reached, and the highest bid will be announced.