BML Affordable Home Leasing Company Breaks Ground on Five Housing Projects, Delivering Over 3,200 Homes Across Hulhumale and Vilimale

BML Affordable Home Leasing Company Pvt Ltd has officially broken ground on five affordable housing projects, marking a significant milestone in the Maldives' national effort to address the country's growing housing demand.

The groundbreaking ceremony was held in Hulhumale, bringing together senior government and banking officials to commemorate the launch. The event 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, underscoring the high-level commitment behind the initiative.

The five projects are being carried out under the Maldives Monetary Authority's (MMA) Inclusive National Affordable Housing Scheme (INAH), a framework designed to expand access to affordable homeownership for Maldivians. The projects were awarded following a rigorous evaluation process aligned with the governance, risk, and compliance standards set by the MMA.

Construction has been entrusted to a combination of local and international contractors. Local firms Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd have been selected alongside international contractors Beijing Urban Construction Group and China Machinery Engineering Corporation, reflecting a balanced approach that strengthens local industry participation while drawing on global expertise.

Upon completion, the projects will deliver more than 3,200 affordable housing units across Hulhumale Phase 1, Phase 3, and Vilimale. The units will be made available to eligible Maldivians on a lease-to-own basis, offering a practical and accessible pathway to homeownership for families who may otherwise struggle to enter the property market.

Through the commencement of these five projects, Bank of Maldives and BML Affordable Home Leasing Company reaffirm their dedication to supporting national housing priorities, fostering local industry growth, and expanding affordable homeownership opportunities in line with the MMA's vision of a more inclusive and resilient financial system for the Maldives.