Construction of 1,224 units under BML Affordable Housing Project begins with CMEC

China Machinery Engineering Corporation (CMEC) has been awarded the contract to build 1,224 housing units under the Bank of Maldives (BML) Affordable Housing Project.

BML is developing a total of 3,260 three‑bedroom units under its rent‑to‑own model, designed to provide long‑term homeownership opportunities for Maldivian families.

The foundation stone for the 1,224 units in the project’s third phase was laid on Saturday evening at a ceremony officiated by President Dr Mohamed Muizzu and First Lady Sajidha Mohamed.

Speaking at the event, BML CEO and Managing Director Mohamed Shareef said the project is progressing rapidly under the President’s guidance. He highlighted the speed at which the President’s vision is being translated into action, noting the strong support from the Housing Ministry and other government agencies.

“This is a good example of government policies directly benefiting the people,” Shareef said.

President Dr @MMuizzu, accompanied by First Lady @sajidhaamohamed, officiates the groundbreaking ceremony for the @bankofmaldives Affordable Housing Project in Hulhumalé Phase II tonight.

The project will deliver 1,224 housing units on a lease-to-own basis, a significant step… pic.twitter.com/btqswI0lm4

— The President's Office (@presidencymv) March 21, 2026

The Maldives Monetary Authority (MMA) has mandated commercial banks to allocate 10–15 percent of their loan portfolios for affordable housing. Shareef said that as the national bank and the country’s largest financial institution, BML views the project not only as a policy requirement but as a major national responsibility.

He added that the initiative goes beyond construction, describing it as work that directly impacts the lives of Maldivian families. He expressed hope that the project will bring significant relief to those in need of housing.