Groundbreaking Held for 182 Housing Units in Hulhumalé Phase I

Groundbreaking for the development of 182 housing units in Hulhumalé Phase I under the Bank of Maldives (BML) Affordable Housing Project was held yesterday.

The project is being implemented by BML’s subsidiary, BML Affordable Leasing Pvt. Ltd., with construction contracted to FW Construction Company Pvt. Ltd.. It forms part of the administration’s “Housing for All” policy.

President Dr Mohamed Muizzu officiated the groundbreaking and commencement of works ceremony. Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib attended the event alongside senior representatives of Bank of Maldives and the contractor. A commemorative photograph was taken following the ceremony.

According to the President’s Office, this component of the project will include the construction of three-bedroom apartments measuring 900 square feet in Hulhumalé Phase I. The broader Affordable Housing Project aims to develop 3,260 housing units across Hulhumalé Phases I and II, as well as Vilimalé, under the BML Affordable Home Leasing scheme. The scheme follows a lease-to-own model designed to support residents in transitioning to homeownership, with practical completion scheduled for August 2028.

Earlier this month, additional groundbreaking ceremonies were held under the project. Construction has begun on 1,224 housing units in Hulhumalé Phase II, to be developed by China Machinery Engineering Corporation, and on 300 housing units in Vilimalé, to be developed by Rasheed Carpentry and Construction Pvt. Ltd..