BML launches five affordable housing projects to deliver over 3,200 units in Hulhumale' and Villimale'

BML Affordable Home Leasing Company has commenced five affordable housing projects aimed at easing the country’s housing demand.

The projects were inaugurated at a special ceremony held Tuesday in Hulhumale'. The event was attended by Housing Minister Dr Abdulla Muthalib, BML Chairman Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef.

The initiative marks a major step in implementing the Inclusive National Affordable Housing Scheme (INAH), formulated by the Maldives Monetary Authority (MMA). BML said the projects were awarded following a rigorous evaluation process aligned with governance and risk standards set under the scheme.

Local contractors Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry and Construction Pvt Ltd (RCC) have been selected for the projects. International firms Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC) are also involved.

At a special ceremony held today, BML Affordable Home Leasing Company officially commenced construction of its five affordable housing projects!

This signals a major milestone in the implementation of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing… pic.twitter.com/CCdmEpXVUY

— Bank of Maldives (@bankofmaldives) January 27, 2026

BUCG will develop 1,117 housing units across four plots covering 13,475 sqft in Hulhumale' Zone. CMEC has been contracted to build 1,224 units in Hulhumale'.

Once completed, the projects will deliver over 3,200 housing units in Hulhumale' Phase I, Phase III, and Vilimale'. BML said the units will be offered at relatively low rents under a lease-to-own model.

The Cabinet announced the National Housing Affordability and Accessibility Project on October 5, aiming to provide housing through rent-to-own and affordable home ownership models. Under MMA regulations, banks are required to allocate 10 to 15 percent of their loan portfolios to the scheme.

The government plans to allocate 7,900 flats and 15,000 plots across 1,250 sqft under the initiative.