Groundbreaking Held for 364 Housing Units in Hulhumalé Phase I

The government held the groundbreaking ceremony and the commencement of physical work for the development of 364 housing units to be developed in Hulhumalé Phase I under the Bank of Maldives (BML) Affordable Housing Project.

The ceremony was held at the project site of contractor AMIN Construction Pvt. Ltd. and was conducted by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, alongside senior representatives of Bank of Maldives and the contractor. President Dr Mohamed Muizzu officiated the ceremony and took a commemorative photograph with attendees.

The project is being implemented by BML Affordable Leasing Pvt. Ltd. as part of the administration’s “Housing for All” policy. It follows a lease-to-own model aimed at supporting residents in transitioning to homeownership.

With this latest groundbreaking, multiple developments under the scheme have now commenced physical works, contributing to the delivery of 3,260 housing units across Hulhumalé Phases I and II, as well as Vilimalé.

At the ceremony, Bank of Maldives announced its decision to develop an additional 540 housing units under the project, increasing the total to 3,800 units. The full project is scheduled for completion before the end of 2028.