BML Awards Major Contracts to Two Chinese Companies for Affordable Housing in Hulhumalé

Affordable Home Leasing Company Pvt Ltd announced yesterday the award of major construction contracts to two Chinese companies to begin developing new affordable housing units in Hulhumalé.

Construction is set to commence in January 2026, Bank of Maldives (BML) said. The projects have been awarded to Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).

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“This milestone marks a significant step forward in the implementation of the MMA-mandated national housing initiative, which requires commercial banks to channel 10–15% of their lending portfolio towards affordable housing solutions aimed at expanding home ownership opportunities for Maldivians,” BML said in their press release.

According to BML, BUCG has been contracted to develop 1,117 affordable housing units across four plots in Hulhumalé Zone 2, covering approximately 13,475 square metres. The company has previously delivered major infrastructure projects in the Maldives, including upgrades to Velana International Airport’s primary runway.

CMEC will construct 1,224 affordable housing units in Hulhumalé. The company has completed the Vinares Housing Project and is currently working on key infrastructure projects in Gulhifalhu and Hulhumalé Phase III.

BML said both firms were selected following a rigorous evaluation process aligned with MMA governance and risk standards. The companies demonstrated strong financial capacity, international project management expertise, and a proven understanding of the Maldivian construction environment.

ބީއެމްއެލް އެފޯޑަބަލް ހޯމް ލީސިންގ ކުންފުނިން މިއަދު މަސައްކަތް ހަވާލުކުރި ހައުސިން ޔުނިޓްގެ އިތުރުން ދިވެހި ކޮންސްޓްރަކްޝަން ކުންފުނިތަކާއެކު އިތުރު ހައުސިންގ ޔުނިޓްގެ މަސައްކަތް ހަވާލުކުރުމަށްވަނީ ހަމަޖެހިފައި. މިއާއެކު ޖުމުލަ 3000 އަށް ވުރެ ގިނަ ހައުސިންގ ޔުނިޓް…— Mohamed Saeed (@BMLSpokesperson) December 29, 2025

Additionally, BML spokesperson Mohamed Saeed said the company plans to award contracts to local construction firms. He added that development of a total of 3,000 housing units is scheduled to begin in January.

BML Affordable Home Leasing Company is a wholly owned subsidiary of the Bank of Maldives, established on November 13, to deliver the objectives of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH).