The Bank of Maldives (BML) has decided to sell Mahadhoo Island in Gaafu Alifu atoll, a property it acquired through a loan default.

The company that previously owned the island had acquired a MVR 206 million loan, which it had failed to repay. The bank had thus acquired the property in 2013.

The bank had also acquired Reethi Beach Resort and a fish-processing factory in Funaddhoo as well. BML sold Reethi beach Resort in 2015.

Mahaddhoo’s development has been assigned to the Singaporean Jones Lang LaSalle, just as Reethi Beach had been.