BML Affordable Home Leasing Company Pvt Ltd, a wholly owned subsidiary of the Bank of Maldives (BML), will begin construction of over 2,000 affordable housing units in Hulhumale' next month.
The company was established to implement the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH), which requires commercial banks to allocate 10–15 percent of their lending portfolio to affordable housing.
BML Affordable Home Leasing Company announced Monday that it has awarded major construction contracts to two internationally recognised firms: Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).
BUCG has been contracted to build 1,117 housing units across four plots in Hulhumale' Zone 2, covering a total area of 13,475 square meters. The company has extensive international experience and has previously completed major projects in the Maldives, including upgrades to the primary runway at Velana International Airport.
Today, BML Affordable Home Leasing Company has awarded contracts to two internationally renowned construction firms, Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC), to develop multiple residential plots in Hulhumalé’. Construction work… pic.twitter.com/r8OQAZ0pr1
— Bank of Maldives (@bankofmaldives) December 29, 2025
CMEC has been awarded the contract to construct 1,224 housing units in Hulhumale'. The company has a strong track record in the Maldives, having completed the Vinares Housing Project, and is currently undertaking infrastructure works in Gulhifalhu and Hulhumale' Phase III.
BML said the contractors were selected following a rigorous evaluation process aligned with governance and risk standards under the INAH framework. Both firms demonstrated strong financial capacity, international project management experience, and familiarity with the Maldivian construction sector.
According to BML, construction of the new housing units will begin in January 2026 and will be completed within the stipulated timeframe. The bank described the move as a significant step in advancing the MMA‑mandated national housing initiative.
Officials mark the start of BML Affordable’s housing project in Hulhumale' under MMA’s national scheme, December 29, 2025. (Photo/BML)
BML Affordable Home Leasing Company operates with full approval from the MMA and in accordance with Shariah principles. BML said both the bank and its subsidiary are working to support national housing priorities and expand access to affordable home ownership, in line with the MMA’s vision for an inclusive and resilient financial system.
The government announced the National Housing Affordability and Accessibility Project on October 5, under which housing units will be provided through lease‑to‑own or rent‑to‑own models in partnership with financial institutions. The MMA has formulated rules to implement the policy, requiring all banks to allocate a portion of their loan portfolios to the scheme.