The Ministry of Infrastructure, Housing & Urban Development has awarded contracts to five local companies to construct 1,000 affordable housing units in Hulhumalé under the government’s Housing for All policy.
The ministry said the project has been awarded entirely to companies that are 100 per cent Maldivian-owned. The housing units will be developed in the third phase of Hulhumalé, with each developer allocated one plot. The construction period for the project is 30 months.
Selected enterprises include SJ Construction Private Limited, Amin Construction Private Limited, and Rasheed Carpentry and Construction Private Limited. The contracts were also secured by a partnership between One Reality Private Limited and Medtech Maldives Private Limited, and a consortium comprising Flexinc Private Limited, Oxro Private Limited, Solex Private Limited, and Beaver Builders Private Limited.
The project is the first to be launched under President Dr Mohamed Muizzu’s Housing for All policy, which aims to provide affordable homes through bank mortgage financing for middle-income families.
According to the ministry, all flats developed under the project will be allocated to eligible applicants who submitted forms under the government’s Family Housing programme.
The maximum selling price has been set at MVR 1.8 million for a two-bedroom flat and MVR 2.3 million for a three-bedroom flat.
The government introduced the Housing for All policy in November and opened applications in January for 7,900 flats and 15,000 residential plots. Earlier this year, BML Affordable Home Leasing Pvt Ltd, a subsidiary of Bank of Maldives, was awarded the contract to develop an additional 3,000 flats under the programme.
President Dr Muizzu has pledged to ensure that every Maldivian aged 18 and above has access to housing.
