BML puts Rahaa Resort up for sale for USD 45.6 million over unpaid loan

Bank of Maldives (BML) has announced the sale of Rahaa Resort in Laamu Atoll for a minimum price of USD 45.63 million, following a court order authorising the sale of mortgaged properties over an unpaid loan owed by Heavy Load Maldives.

According to the sale announcement issued on 15 November, the property comprises Fares and Kudafares islands, which accommodate the operational 100-villa resort. Interested buyers have until 12:00 pm on 2 December 2026 to submit their proposals.

Heavy Load Maldives, a company linked to former Deputy Speaker Reeko Moosa Manik, obtained a USD 11 million loan from BML in December 2016, secured against properties in Laamu Atoll.

Following the company's failure to meet its repayment obligations, BML initiated legal proceedings to recover the outstanding debt. According to reports of the latest court proceedings, the amount owed had reached approximately USD 29.5 million as of 25 October 2026.

The Civil Court authorised the sale of the mortgaged properties through an order issued on 28 October. The order covers Fares, Kudafares and Boduhuraa, although BML's latest sale announcement concerns only the two islands comprising Rahaa Resort.

BML had previously attempted to sell the mortgaged properties in 2024, but the High Court subsequently overturned the earlier sale order and referred the matter back to the Civil Court.

Rahaa Resort is a four-star property featuring 100 villas, including lake-view and ocean-view accommodation. The resort also includes restaurants, bars, a spa, gymnasium and water sports facilities, with a natural saltwater lake among its distinguishing features.

The head lease for the property is valid until 18 December 2064.

Under the latest announcement, BML is inviting purchase proposals for the resort, which will be sold in its existing condition. The advertised minimum price is USD 45,633,000.

Interested parties must submit their proposals before the 2 December deadline.