Five Maldivian companies awarded contracts to develop 1,000 affordable housing units in Hulhumalé

Five Maldivian companies have been contracted to develop 1,000 affordable housing units in Hulhumalé.

The Ministry of Housing announced in a post on X on Thursday that it has signed agreements with five companies to develop 1,000 housing units in Hulhumalé. The project, aimed at providing affordable homeownership, will be executed under a public-private partnership model.

According to the Ministry, the project agreements were signed with SJ Construction Pvt Ltd, JV Partnership - One Reality Pvt Ltd, Medtech Maldives Pvt Ltd, Rasheed Carpentry and Construction Pvt Ltd, Amin Construction Pvt Ltd, JV Partnership - Flexin Pvt Ltd, Oxrow Pvt Ltd, Solex Pvt Ltd, and Beaver Builders Pvt Ltd.

The Ministry of Housing has announced that the housing units under this project will be developed in Hulhumalé Phase 3. According to the Ministry, the project has been awarded for a total duration of 30 months, with each developer assigned a single plot.

The Ministry stated that this project is being conducted under President Muizzu’s "Housing for All" policy. The flats constructed under this initiative will be sold to eligible applicants who have applied through the "Family Housing" program.

The current administration has established a dedicated housing company under the Bank of Maldives (BML) and handed over land for the construction of 3,000 housing units. These units are scheduled to be developed across Villimalé, as well as Phase 1 and Phase 3 of Hulhumalé. The foundation stones for these projects have already been laid.