BML Starts Construction of 182 Housing Units in Hulhumalé Under Affordable Housing Scheme

The Bank of Maldives (BML) has commenced construction of 182 housing units in Hulhumalé under its Affordable Housing Scheme, marking a key step in the government’s “Housing for All” initiative to address housing shortages in the Greater Malé Area.

The foundation for the project was laid at a ceremony held in Hulhumalé Phase 1, officiated by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, with senior representatives from BML and contractor FW Construction Company Pvt Ltd in attendance. President Dr Mohamed Muizzu also participated in the ceremony.

The project is being implemented through BML’s subsidiary, BML Affordable Home Leasing Pvt Ltd, with construction contracted to FW Construction. It will deliver 182 three-bedroom apartments, each measuring approximately 900 square feet.

Speaking at the ceremony, BML CEO Mohamed Shareef said the initiative reflects the bank’s broader responsibility to support national development alongside its commercial operations. He noted that addressing housing challenges is essential to improving living standards and strengthening social security.

Shareef said demand for housing in the Greater Malé Area has continued to rise over the years, while supply has remained constrained, placing pressure on households. He added that investments in housing projects not only expand access to homeownership but also stimulate economic activity by supporting the construction sector.

The Hulhumalé development forms part of a wider housing programme entrusted to BML, which aims to deliver a total of 3,260 housing units across Hulhumalé Phase 1, Hulhumalé Phase 2, and Vilimalé. The units will be offered under a lease-to-own model, enabling residents to transition into homeownership over time.

Parallel developments under the programme are already underway. This includes 1,224 housing units in Hulhumalé Phase 2 being developed by China Machinery Engineering Corporation, and 300 units in Vilimalé awarded to Rasheed Carpentry and Construction Pvt Ltd. Additional projects include 1,190 units by Beijing Urban Construction Group and 364 units by Amin Construction.

According to project timelines, all units under the BML Affordable Housing Scheme are scheduled for completion by 2028.

The housing initiative is a central component of the government’s policy agenda, with President Muizzu previously stating that long-term social protection depends on resolving housing challenges. Expanding access to affordable housing at scale is expected to play a key role in easing urban pressure, improving living conditions, and supporting sustained economic growth in the capital region.