BML subsidiary begins construction for 5 housing projects

BML Affordable Home Leasing Company Pvt Ltd has officially commenced construction of its five affordable housing projects.

This was marked Tuesday at a ceremony held in Hulhumale, signaling a major milestone in the implementation of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH). The ceremony was attended by the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef.

The projects are being implemented by both local and international contractors selected through a rigorous evaluation process aligned with the governance, risk, and compliance standards set under the MMA’s Inclusive National Affordable Housing Scheme. The projects were awarded to local contractors Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd as well as international contractors Beijing Urban Construction Group and China Machinery Engineering Corporation.

The completion of these projects will see the delivery of over 3200 affordable housing in Hulhumale Phase 1, Phase 3 and Vilimale to be disbursed on a lease-to-own basis, playing a key role in addressing the country’s housing demand.

Through the commencement of these five projects, the Bank of Maldives and BML Affordable Home Leasing Company reaffirm their commitment to supporting national housing priorities, strengthening local industry participation, and expanding access to affordable home ownership in line with the MMA’s vision of a more inclusive and resilient financial system.