BML Kicks Off Construction of Five Major Affordable Housing Projects in Hulhumalé and Vilimalé

BML Affordable Home Leasing Company Pvt Ltd has officially commenced construction of five large-scale affordable housing projects, marking a significant milestone in the rollout of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH).

The launch was marked by a ceremony held today in Hulhumalé, attended by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef. The event signaled the start of on-the-ground implementation of projects aimed at easing housing pressures and expanding access to home ownership for Maldivians.

The developments are being carried out by a mix of local and international contractors selected through a rigorous evaluation process in line with the governance, risk and compliance standards established under the INAH framework. Local firms Amin Construction Pvt Ltd, FW Construction Pvt Ltd and Rasheed Carpentry Construction Pvt Ltd were awarded contracts alongside international companies Beijing Urban Construction Group and China Machinery Engineering Corporation.

Once completed, the five projects are expected to deliver more than 3,200 affordable housing units across Hulhumalé Phase 1, Hulhumalé Phase 3 and Vilimalé. The homes will be offered on a lease-to-own basis, a model designed to make long-term home ownership more accessible while responding to the country’s growing housing demand.

Through the commencement of these projects, Bank of Maldives and BML Affordable Home Leasing Company said they are reinforcing their support for national housing priorities, promoting local industry participation, and broadening access to affordable housing. The initiative aligns with the MMA’s broader vision of building a more inclusive and resilient financial system, while addressing one of the Maldives’ most pressing social and economic challenges.