Theluveliga Retreat Resort has been put up for sale again due to a loan default owed to the Bank of Ceylon. This decision follows a Civil Court ruling that allows the bank to sell the property after an initial sale attempt earlier this year fell through.
The Bank of Ceylon first attempted to auction Theluveliga Retreat Resort in March, setting the minimum bid at $21 million. However, there were no buyers at that price point, leaving the property unsold. The court has now reissued its sale authorization, this time offering a revised framework to help finalize the transaction. The bank has been given one month to try selling the resort at the original price of $21 million. If the resort does not sell within this time, the court permits a price adjustment, allowing the bank to lower the asking price by up to 35%. This adjusted price should help attract potential buyers, providing more flexibility for the bank to recover its outstanding loan balance.
The loan in question, owed by Cast Away Maldives, currently stands at $9.1 million. The debt was originally guaranteed by former Fisheries Minister Hussain Hilmee, and the outstanding amount has triggered these ongoing proceedings. If the resort remains unsold within the newly allotted timeframe, the Bank of Ceylon must notify the court, indicating that further actions may be required to resolve the matter.
Theluveliga Retreat Resort, a luxury getaway with significant value, is now facing a more affordable starting bid, potentially attracting investors interested in Maldivian tourism assets.
