Foundation Stone Laid as CMEC Secures Contract for BML Housing Project

The foundation stone has been laid for 1,224 housing units under the third phase of the Bank of Maldives (BML) Affordable Housing Project, marking a further step in efforts to expand housing access in the Maldives.

The ceremony was officiated by President Dr Mohamed Muizzu and First Lady Sajidha Mohamed, with the project forming part of a broader initiative to deliver long-term housing solutions.

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China Machinery Engineering Corporation (CMEC) has been awarded the contract to construct the 1,224 units. The development is included in BML’s wider plan to build 3,260 three-bedroom housing units under a rent-to-own model aimed at supporting homeownership among Maldivian families.

BML Chief Executive Officer and Managing Director Mohamed Shareef stated that the project is progressing at a rapid pace, supported by government policy direction and coordination with the Housing Ministry and other state institutions. He noted that the initiative reflects the direct implementation of policies intended to benefit the public.

Under regulations introduced by the Maldives Monetary Authority, commercial banks are required to allocate between 10 and 15 percent of their loan portfolios to affordable housing. Shareef stated that BML, as the national bank and the country’s largest financial institution, considers the project both a regulatory responsibility and a broader national obligation.

He added that the initiative is expected to have a direct impact on the lives of Maldivian families and contribute to easing housing challenges faced by those in need.