The foundation has been laid for a 182-unit housing project in Hulhumalé, developed by the Bank of Maldives (BML) as part of its affordable housing initiatives.
President Dr Mohamed Muizzu officiated the groundbreaking ceremony for the project, located in Phase One of Hulhumalé.
The ceremony was attended by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML Chairman Ahmed Ali Habeeb, BML Chief Executive Officer and Managing Director Mohamed Shareef, Managing Director of BML Affordable Home Leasing Hassan Shaam, and Managing Director of FW Construction Ibrahim Waheed.
FW Construction, which has been awarded the contract, is an established construction company in the Maldives.
Speaking at the ceremony, BML CEO and Managing Director Mohamed Shareef said the government’s “Housing for All” policy is being implemented at an accelerated pace to address one of the country’s most pressing social challenges.
“The primary responsibility of a national bank is not only to generate financial profit. It also has a key role in investing in projects that support the social and economic development of the country,” he said.
Shareef noted that BML serves households across the Maldives, and said such housing projects would help ease financial burdens faced by many families. He added that the initiative would also stimulate economic activity, support the construction sector and expand access to affordable housing.
BML has established a subsidiary under the Inclusive National Affordable Housing (INAH) programme to implement its housing projects. Through BML Affordable Home Leasing, the bank plans to develop a total of 3,260 housing units, with completion targeted by mid-2028.
The broader project includes developments in Hulhumalé, Vilimalé and Gulhifalhu. Plans include 300 housing units in Vilimalé and a total of 2,700 units across two phases in Gulhifalhu. Foundation works have already commenced for 1,224 units in Gulhifalhu Phase Three, in addition to the 300-unit project in Vilimalé.
The housing units will consist of three-bedroom apartments built to modern standards.
Construction across the projects is being carried out by a mix of international and local firms, including China’s Beijing Urban Construction Group (BUCG), China Machinery Engineering Corporation (CMEC), and Sri Lankan companies Amin Construction Pvt Ltd, FW Construction Pvt Ltd and Rasheed Carpentry and Construction Pvt Ltd.