Groundbreaking Held for 300 Housing Units in Vilimalé

Groundbreaking has been held for 300 housing units to be developed in Vilimalé under the Bank of Maldives (BML) Affordable Housing Project.

The ceremony took place on Thursday evening at the project site, with Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib officiating alongside senior representatives of BML and Rasheed Carpentry and Construction Pvt Ltd (RCC). President Dr Mohamed Muizzu officiated the ceremony.

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The project will see the development of three 17-storey residential towers designed to preserve the greenery of Vilimalé. RCC will execute the construction, with each tower comprising three-bedroom apartments measuring 900 square feet.

Speaking at the ceremony, BML’s CEO and Managing Director Mohamed Shareef stated that the passing of the ‘National Housing Affordability and Accessibility Project’ last October under the ‘Housing for All’ policy has set a clear direction for this country, which is facing a housing crisis. He noted that within this framework, a partnership has been established with the Ministry to construct 3,260 housing units in the Male’ area by mid-2028. He also pointed out that China’s CMEC commenced work on 1,224 of those housing units a few days ago. Furthermore, the CEO highlighted that the foundation has now been laid for 300 housing units in Villimale’.

The initiative forms part of the government’s broader housing policy, which aims to deliver 3,260 housing units across Hulhumalé Phase I, Hulhumalé Phase II and Vilimalé through the BML Affordable Home Leasing scheme. The scheme follows a lease-to-own model intended to support residents in transitioning to homeownership.

The government has stated that the “Housing for All” policy is built on three pillars: expanding access to real estate for higher-income groups, providing affordable housing for middle-income families through bank mortgages, and delivering social housing for families unable to afford homes independently. Authorities have also highlighted efforts to increase the banking sector’s role in financing affordable housing projects.