BML launches next phase of affordable housing development

The foundation stone for 1,190 housing units under the Bank of Maldives (BML) Affordable Housing Project in Hulhumale' Phase II was laid on Monday evening.

The contract for the construction has been awarded to Beijing Urban Construction Group (BUCG). The inauguration ceremony was attended by Housing Minister Dr. Abdulla Muthalib, senior officials from BML, and representatives of BUCG.

Speaking at the event, BML CEO and Managing Director Mohamed Shareef said the scale and pace of the project is unprecedented in the Maldives. He noted that similar housing projects in the past have taken significantly longer to complete, but the current development is targeted for completion by mid‑2028.

“This pace of work will bring hope, happiness and satisfaction to thousands of Maldivian families; and to us,” Shareef said. He added that the project aims to ensure that every Maldivian in need of housing will have access to a safe, adequate and affordable home.

Shareef also highlighted the link between national economic development and the strength of the banking system, saying it is the responsibility of a national bank to invest in major projects that improve social and economic wellbeing.

Tonight, BML Affordable Home Leasing Company held a groundbreaking ceremony for the development of 1,190 housing units in Hulhumale’ Phase II, in partnership with Beijing Urban Construction Group (BUCG).

This is a significant step forward in the implementation of MMA’s… pic.twitter.com/EHFHtRV1jw

— Bank of Maldives (@bankofmaldives) March 30, 2026

BML Affordable Home Leasing Company; a subsidiary of the bank; is being established to manage 3,260 housing units across Hulhumale' Phases I and II and Vilimale'. The three‑bedroom units will be offered under a rent‑to‑own model, with earlier estimates placing monthly rent at MVR 10,000.

Monday’s ceremony follows a series of foundation‑stone events under the broader BML housing initiative:

• 1,224 units awarded to China Machinery Engineering Corporation (CMEC); foundation laid on March 21  

• 300 units in Vilimale' awarded to Rasheed Carpentry and Construction (RCC); foundation laid last Thursday  

• 182 units in Phase I awarded to FW Construction; launched on Sunday  

These projects form part of one of the largest housing development programmes currently underway in the Maldives.