BML lays foundation for 1,224 housing units in Hulhumale' ahead of council elections
Awarded to China’s CMEC and executed through a subsidiary of the Bank of Maldives (BML), this housing project was inaugurated to coincide with the local council elections. While BML CEO Shareef described the initiative as a prime example of government policies directly benefiting the public, the project’s alignment with the bank's core mandate has drawn scrutiny from critics.
A picture from the ceremony for the 1,224 housing units being developed by BML in Hulhumale', held ahead of the local council elections. | Housing Ministry | Housing Ministry
Physical work has commenced on the construction of 1,224 housing units in Hulhumale' Phase 3, a project contracted to BML Affordable Leasing Private Limited, a subsidiary of the Bank of Maldives (BML), under the government's "Housing for All" policy.
President Dr. Mohamed Muizzu officiated a special ceremony held on Saturday night at Hulhumale' Phase 3.
As the project's foundation was laid ahead of the Local Council Elections, BML CEO and Managing Director Mohamed Shareef stated that the work is progressing at a rapid pace under the guidance of President Muizzu. He further noted that this serves as a prime example of the public directly benefiting from the government's policies.
Sharif stated that this project will provide significant relief to many families in need of housing.
China Machinery Engineering Corporation (CMEC) has been appointed as the contractor for this construction project, which is located in Hulhumale' Phase 3.
A total of 3,260 housing units are set to be developed in Hulhumale' and Villingili, following an agreement reached with BML Affordable Leasing Private Limited.
That is,
- Hulhumale' Phase 3: 1,224 Housing Units, CMEC
- Hulhumale' Phase 3: 1190 Housing Units, BUCG
- Hulhumale' Phase 1: 364 Housing Units, Amin Construction
- Hulhumale' Phase 1: 182 Housing Units, FW Construction
- Vilimale': 300 housing units, Rasheed Carpentry and Construction.
More than two years into the government's term, no practical work has commenced on any housing-related projects. Despite promoting 2025 as the "Year of Housing" and allocating a dedicated budget for the sector, the lack of progress on the ground has drawn widespread public criticism.
Furthermore, as housing projects are being channeled through the bank, many are raising questions regarding the institution's independence and its core mandate.
