Under the Inclusive National Affordable Housing (INAH) framework established by the Maldives Monetary Authority (MMA), BML Affordable Home Leasing Company—a subsidiary of the Bank of Maldives (BML)—today awarded the construction of 2,341 housing units in Hulhumalé to two international companies.
The national bank stated that physical work on these projects is scheduled to commence next January.
This project marks a significant step in the bank’s efforts to implement the MMA’s National Housing Project. According to MMA regulations, commercial banks in the Maldives are mandated to allocate between 10% and 15% of their total loan portfolio specifically to affordable housing.
Work Awarded to Beijing Urban Construction Group (BUCG)
The development of 1,117 housing units across four land plots covering an area of 13,475 square feet in Hulhumalé Phase 2 has been awarded to China’s Beijing Urban Construction Group (BUCG). BUCG is a company that has previously undertaken major projects in the Maldives, including the successful completion of the new runway at Velana International Airport.
Work Awarded to China Machinery Engineering Corporation (CMEC)
Additionally, the development of 1,224 affordable housing units has been awarded to China Machinery Engineering Corporation (CMEC). CMEC is an experienced firm in the Maldives, having completed the Vinares housing project in Hulhumalé and currently managing infrastructure works in Gulhifalhu and Hulhumalé Phase 2.
BML stated that the contractors for these projects were selected following an evaluation process conducted in accordance with the governance and risk standards defined under the MMA’s INAH scheme. BML noted that both companies are financially capable, possess experience in managing international projects, and are well-acquainted with the Maldivian construction sector.
The objective of the BML Affordable Home Leasing Company is to complete and deliver high-quality housing units to the public within the designated timeframe.
About Post Author
Yashna
See author's posts
(adsbygoogle = window.adsbygoogle || []).push({});