President Dr Mohamed Muizzu has officiated the groundbreaking and commencement of works for 182 housing units to be developed in Hulhumalé Phase I under the Bank of Maldives (BML) Affordable Housing Project.
Implemented by BML’s subsidiary, BML Affordable Leasing Pvt. Ltd., with construction contracted to FW Construction Company Pvt. Ltd., the project is part of the Administration’s “Housing for All” policy.
The groundbreaking was conducted by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, alongside senior representatives of BML and FW Construction Company Pvt. Ltd. Following the ceremony, the President took a commemorative photograph with them.
This component of the project entails the construction of three-room apartments of 900 square feet in Hulhumalé Phase I. The Affordable Housing Project aims to develop 3,260 housing units across Hulhumalé Phase I, Hulhumalé Phase II, and Vilimalé through the BML Affordable Home Leasing scheme. The project follows a lease-to-own framework, facilitating residents' transition to homeownership, with practical completion scheduled for August 2028.
This March, groundbreaking ceremonies were held in two additional locations under the project. Work has accordingly commenced on 1,224 housing units in Hulhumalé Phase II, to be developed by China Machinery Engineering Corporation (CMEC), and on 300 housing units in Vilimalé, to be developed by Rasheed Carpentry and Construction Pvt. Ltd. (RCC).
Delivering this year’s Presidential Address, President Dr Muizzu stated that social development and protection can only be secured through a permanent solution to housing challenges. The Administration’s housing policy has been designed to increase access to housing and, in turn, secure social protection for all citizens. Delivering housing for all Maldivians within his term is a Presidential pledge.