Construction has begun on 1,224 units of the Bank of Maldives (BML) Affordable Housing Project.
The BML Affordable Home Leasing Company, a BML subsidiary, is developing a total of 3,260 housing units under the Inclusive National Affordable Housing (INAH) initiative by the Maldives Monetary Authority (MMA). Units will be built by China Machinery Engineering Corporation (CMEC), alongside Chinese company BUCG and local companies Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry and Construction Pvt Ltd (RCC).
The foundation stone for the 1,224 housing units being developed CMEC in Hulhumale’ Phase III was laid during a ceremony presided over by President Dr Mohamed Muizzu, Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML’s Chairman Ahmed Ali Habeeb, BML’s Chief Executive Officer Mohamed Shareef, BML Affordable Home Leasing Managing Director Hassan Sham, China’s Ambassador to the Maldives, and CMEC’s Chairman attended the event.
The units will be three-bedroom, high-quality apartments, and will be allocated as part of the government’s housing programme. The government expects the units to be completed by mid-2028.
CMEC has implemented major projects in the Maldives, including the Vinares Housing Project, and is also implementing in Gulhifalhu and Hulhumale’ Phase II development.