Physical construction work has commenced on five major affordable housing projects being developed by BML Affordable Home Leasing Company, a subsidiary of the Bank of Maldives.
A ceremonial groundbreaking was held today in Hulhumalé to mark the official launch of the projects. The event was attended by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habib, and BML Chief Executive Officer and Managing Director Mohamed Shareef.
The projects form part of the Inclusive National Affordable Housing (INAH) framework developed by the Maldives Monetary Authority, aimed at expanding access to affordable housing through sustainable financing mechanisms.
Projects awarded to local and international firms
Following an evaluation process conducted in line with the governance and risk standards outlined under the INAH framework, contracts for the projects have been awarded to a mix of local and international construction firms.
Local companies selected include Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry and Construction Pvt Ltd (RCC). International contractors awarded projects are Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).
More than 3,200 affordable homes
Once completed, the five projects will deliver over 3,200 housing units across Hulhumalé Phase 1, Hulhumalé Phase 3, and Villingili. The units will be offered at relatively low rental rates under a rent-to-own model, with ownership transferred to residents upon full settlement.
The initiative is expected to significantly ease housing pressure in the Maldives, where demand for affordable housing continues to remain high.
The launch of these projects underscores the commitment of Bank of Maldives and BML Affordable Home Leasing Company to advancing national housing priorities and expanding access to homeownership through a sustainable and inclusive financial system.
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