BML to build a total of 3,800 flats after adding 540 more units under Affordable Housing

The Bank of Maldives (BML) has begun physical works on 364 housing units in Hulhumale' Phase I, with the foundation laid on Tuesday evening.

The ceremony was officiated by President Dr Mohamed Muizzu, while the foundation was laid by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib. Senior officials from BML, AMIN Construction and government agencies attended the event.

The 364‑unit project is part of BML’s wider Affordable Housing programme, which is being developed through its subsidiary, BML Affordable Leasing Pvt Ltd, under a lease‑to‑own model.

BML CEO Mohamed Shareef said the bank has now decided to add 540 more units to the programme, increasing the total number of flats being developed to 3,800. He said land for the additional units has already been allocated by the Housing Ministry.

Shareef said the bank aims to award the work to capable local contractors and complete all units by 2028. He added that the flats will also be available for purchase through Maldives Islamic Bank (MIB), with financing offered at affordable rates.

The President’s Office said the project supports the administration’s Housing for All policy and is intended to expand access to homeownership for residents.