Construction of 3,260 housing units to be completed by mid-2028: BML
The President has officially inaugurated the construction of 1,224 housing units in Hulhumale' Phase 3, marking a significant step in the government’s "Housing for All" policy which aims to develop a total of 3,260 units across Hulhumalé and Villingili through a BML subsidiary. These projects, contracted to both local and international firms, are slated for completion by mid-2028 and will be allocated under a rent-to-own model, providing much-needed relief to numerous families facing housing challenges.
The ceremony held to mark the commencement of physical work on 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 | BML
Bank of Maldives (BML) spokesperson Mohamed Saeed has announced that the construction of 3,260 housing units in Hulhumale' and Villingili is expected to be completed by mid-2028.
Physical work has commenced on the construction of 1,224 housing units in Hulhumale' Phase 3. The project is being carried out by BML Affordable Leasing Private Limited, a subsidiary of the Bank of Maldives, under the government’s "Housing for All" policy.
President Dr. Mohamed Muizzu presided over a special ceremony held on Saturday night at Hulhumale' Phase 3.
Regarding this matter, the company's spokesperson, Saeed, stated that BML Affordable Home Leasing Company—a subsidiary established by the Bank of Maldives to achieve the objectives of the Inclusive National Affordable Housing (INAH) framework developed by the Maldives Monetary Authority (MMA)—has decided to develop a total of 3,260 housing units.
Minister Saeed stated that work has commenced on the construction of 1,224 housing units in collaboration with China Machinery Engineering Corporation (CMEC), a company with a proven track record of executing numerous projects in the Maldives. He further noted that the construction of these units is expected to be completed by mid-2028.
Bank of Maldives CEO and Managing Director Mohamed Shareef stated that, under the guidance of President Muizzu, these initiatives are progressing at a rapid pace. He further noted that this serves as a prime example of the government's policies delivering direct benefits to the people.
Sharif stated that this project will provide significant relief to many families in need of housing.
The local companies contracted for this project include Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry and Construction Pvt Ltd (RCC). The international firms involved in the work are Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).
Upon completion of these projects, 3,260 housing units in Hulhumale' and Villimale' will be allocated under a rent-to-own scheme at relatively affordable rates. These initiatives are expected to provide significant relief in meeting the high demand for housing across the Maldives.
