BML to begin construction of over 2,000 affordable homes in Hulhumalé next January

The BML Affordable Home Leasing Company Private Limited, a subsidiary of the Bank of Maldives (BML), has awarded two construction contracts for new affordable housing units in Hulhumalé.

The work is set to begin next January.

This marks a key step in the implementation of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing (INAH) framework.

Under the central bank MMA’s regulations, commercial banks in the Maldives are required to allocate between 10 percent and 15 percent of their total loan portfolios toward affordable housing initiatives.

On Monday, BML Affordable Home Leasing Company confirmed it had selected two internationally recognized companies for the construction projects.

The contracts have been awarded to Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).

BUCG will develop 1,117 housing units across four plots in Hulhumalé Zone II, covering a total area of 13,475 square feet.

The company, with significant international experience, has previously completed major projects in the Maldives, including the development of the runway at Velana International Airport.

CMEC has been tasked with building 1,224 affordable housing units in Hulhumalé. BML noted that CMEC has a proven track record in the Maldives, having successfully completed the Vinares Housing Project and is currently involved in infrastructure development in both Gulhifalhu and Hulhumalé Phase II.

BML emphasized that these contractors were chosen following an evaluation phase in accordance with the governance and risk standards outlined under the MMA's INAH framework. Both companies are financially capable, have experience managing international projects, and are familiar with the construction environment in the Maldives.

BML Affordable Home Leasing Company was specifically established as a subsidiary to carry out MMA’s INAH policy.