Construction of 1,224 housing units under BML housing programme commences

Bank of Maldives (BML), through its subsidiary BML Affordable Home Leasing Company Limited, has commenced construction of 1,224 housing units under its affordable housing programme.

The units are being developed by China Machinery Engineering Corporation (CMEC), with the project officially launched at a ceremony attended by President Dr Mohamed Muizzu, Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, BML CEO Mohamed Shareef, Managing Director of BML Affordable Home Leasing Company Hassan Shaam, the Chinese Ambassador to the Maldives, and senior representatives of CMEC.

According to BML, the housing units are scheduled for completion by mid-2028.

The project is part of a wider plan by BML Affordable Home Leasing Company Limited to develop 3,260 housing units under the Inclusive National Affordable Housing (INAH) scheme introduced by the Maldives Monetary Authority (MMA).

CMEC, a Chinese state-owned enterprise, has previously delivered several large-scale infrastructure and housing projects in the Maldives, including the Vinares housing project. The company is also currently involved in major developments in Gulhifalhu and Hulhumalé Phase II.

In addition to CMEC, BML said the housing programme will be executed by a combination of established local and international contractors, including China’s Beijing Urban Construction Group (BUCG) and Maldivian firms Amin Construction Pvt Ltd and FW Construction.