Under a public-private partnership aimed at the Affordable Home Ownership Scheme, the development of 1,000 housing units in Hulhumalé has been officially awarded to five local companies, the Ministry of Infrastructure, Housing and Urban Development announced. Minister Dr Abdulla Muththalib formalised the agreements, affirming that the initiative was awarded to firms securing the highest evaluation marks.
Selected enterprises include SJ Construction Private Limited, Amin Construction Private Limited, and Rasheed Carpentry and Construction Private Limited. The contracts were also secured by a partnership between One Reality Private Limited and Medtech Maldives Private Limited, and a consortium comprising Flexinc Private Limited, Oxro Private Limited, Solex Private Limited, and Beaver Builders Private Limited.
Slated for Hulhumalé Phase III, the project mandates completion within two and a half years. This initiative marks the inaugural project under President Dr Mohamed Muizzu’s ‘Housing for All’ policy, designed to expand homeownership opportunities for middle-income families. Apartments are reserved for ‘Family Housing’ programme applicants, with prices capped at USD 116,731.52 for two-bedroom units and USD 149,156.94 for three-bedroom flats.
Each contractor will deliver 60 two-bedroom units spanning 700 square feet and 140 three-bedroom units exceeding 950 square feet. Government initiatives continue regionally; the Bank of Maldives Affordable Housing project covers three plots in Hulhumalé Phase I, one in Villimalé, and two Chinese allocations in Hulhumalé Phase II, ultimately yielding 3,260 flats with 540 additional units scheduled.