BML Affordable Home Leasing Company Initiates Construction of Five Major Housing Projects, Delivering Over 3,000 Homes

BML Affordable Home Leasing Company Pvt Ltd has officially commenced construction on five major housing developments aimed at addressing the country’s housing needs.

The groundbreaking ceremony, held in Hulhumalé, marks the start of developments under the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH), an initiative designed to expand access to homeownership through lease-to-own models.

The event was attended by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef.

In his remarks, Minister Muththalib emphasised the project’s importance in meeting housing demand while supporting economic activity through local and international partnerships.

Public-Private Collaboration Drives Development

The five projects, distributed across Hulhumalé (Phase 1 and Phase 3) and Villimalé, are expected to deliver more than 3,200 affordable housing units upon completion.

Contractors were selected following an evaluation process in line with MMA’s governance, risk, and compliance (GRC) standards. The project consortium includes Maldivian firms Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd, alongside international partners Beijing Urban Construction Group and China Machinery Engineering Corporation.

This collaboration reflects a dual focus on international technical expertise and local industry participation.

"These projects exemplify our commitment to inclusive development, ensuring Maldivians benefit from employment opportunities and long-term housing solutions," Habeeb said.

A Step Toward Housing Security

The initiative addresses housing demand linked to urbanisation and population growth. Units will be allocated under the INAH scheme’s lease-to-own framework, offering structured payment options for low- and middle-income households. Rising property prices and land constraints have increased pressure on housing affordability in the Greater Malé region.

"By integrating financial inclusion with infrastructure development, we are not just building homes, we are empowering communities and driving socioeconomic resilience," Shareef said.

The first phase of handovers is expected within the next 24 months, in line with the MMA’s implementation roadmap for the INAH scheme.