BML Launches Construction of Affordable Housing Projects

BML Affordable Home Leasing Company has commenced construction of five affordable housing projects, marking a key milestone in the implementation of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH).

The commencement was marked yesterday at a ceremony held in Hulhumale. According to the company, the event signalled the start of large-scale construction aimed at expanding access to affordable housing. The ceremony was attended by the Minister of Construction, Housing and Infrastructure, Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef.

According to BML, the projects are being implemented by a combination of local and international contractors selected through a rigorous evaluation process aligned with the governance, risk, and compliance standards set under the INAH framework. The company stated that contracts were awarded to local firms Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd, alongside international contractors Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).

BML stated that BUCG was awarded the construction of 1,117 flats, while CMEC received a contract to build 1,224 flats. Stated by BML, Maldivian contractors will construct a total of 859 housing units across the projects.

The completion of the five projects will result in the delivery of more than 3,200 affordable housing units in Hulhumale Phase 1, Hulhumale Phase 3, and Vilimale. According to BML, the homes will be allocated on a lease-to-own basis and are expected to play a significant role in addressing the country’s growing housing demand.