President Dr Mohamed Muizzu has officiated the groundbreaking ceremony and commencement of physical works for 1,190 housing units in Hulhumalé Phase II under the Bank of Maldives (BML) Affordable Housing Project.
The ceremony took place this evening at the project site in Hulhumalé Phase II, managed by contractor Beijing Urban Construction Group (BUCG). The groundbreaking was conducted by the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, and the Ambassador of the People's Republic of China to the Maldives, His Excellency Kong Xianhua, alongside senior officials from BML and BUCG. Following the groundbreaking, the President joined them for a commemorative photograph.
The BML Affordable Housing Project is implemented by BML Affordable Leasing Pvt Ltd, a subsidiary of BML, under the Government's ‘Housing for All’ policy. Operating on a lease-to-own framework, it provides a structured pathway to homeownership through residential flats across Hulhumalé Phase I, Hulhumalé Phase II, and Vilimalé, with 3,260 units to be developed in total.
With this groundbreaking, four separate developments under the scheme have now commenced physical works within March, including 1,224 units in Hulhumalé Phase II by China Machinery Engineering Corporation (CMEC), 300 units in Vilimalé by Rasheed Carpentry and Construction Private Limited (RCC), and 182 units in Hulhumalé Phase I by FW Construction Company Private Limited. Work on 2,896 units has now officially commenced, with the groundbreaking for the remaining 364 units scheduled for Tuesday night. Practical completion of the entire 3,260-unit project is slated for the end of August 2028.
At a press briefing held at the President's Office earlier today, the President highlighted that, for the first time in Maldivian history, there is clear assurance that housing projects initiated within the current term will allow thousands of citizens to receive their flats and land within that same period.
This reflects the broader vision outlined in the Presidential Address in February, where he noted that the Housing for All policy encompasses expanding real estate opportunities for higher-income families, facilitating affordable home purchases through bank mortgages for middle-income families, and constructing social housing for those unable to purchase property independently, while also emphasising efforts to enhance the involvement of the Maldivian banking sector in housing delivery.
Underpinned by the President's belief that a permanent solution to the housing crisis is essential to the nation's social development and stability, this policy is designed to ensure every citizen has access to housing and social protection. Securing housing for every Maldivian family within his current term remains a key presidential pledge.