Work Begins on 300 Housing Units in Vilimalé Under BML Initiative

The project is part of a broader development plan involving 3,260 housing units to be delivered by the company.

Mohamed Hilmy

27 March 2026, 15:16

Work has commenced on 300 housing units in Vilimalé, to be developed by BML Affordable Home Leasing Company, according to Bank of Maldives spokesperson Mohamed Saeed.

The project is part of a broader development plan involving 3,260 housing units to be delivered by the company, a subsidiary of the Bank of Maldives.

Construction works are being undertaken by Rasheed Carpentry and Construction (RCC), a well-established Maldivian firm with experience in large-scale developments.

The 300-unit project is scheduled for completion by mid-2028 and is aimed at increasing access to affordable housing while supporting urban expansion in Vilimalé.

Meanwhile, in Hulhumalé, construction has also commenced on an additional 1,224 housing units under the same affordable housing programme.

These developments form part of a wider initiative by BML Affordable Home Leasing Company Limited to deliver 3,260 housing units under the Inclusive National Affordable Housing (INAH) scheme introduced by the Maldives Monetary Authority

Work Begins on 300 Housing Units in Vilimalé Under BML Initiative

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