BML Expands Historic Affordable Housing Drive with 540 Additional Units

In a significant stride toward addressing the nation’s housing needs, President Dr Mohamed Muizzu late Tuesday officiated the groundbreaking of 364 affordable housing units in Hulhumale’ Phase I under the Bank of Maldives (BML) Affordable Housing Project. 

The ceremony, held at the project site managed by private contractor AMIN Construction Pvt. Ltd., marked the official commencement of construction and underscored the government’s commitment to its flagship “Housing for All” policy. 

Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib led the ground-breaking alongside senior executives from BML and AMIN Construction, with President Muizzu joining participants for a commemorative photograph following the event. 

The project, implemented by BML Affordable Leasing Pvt. Ltd.—a subsidiary of the nation’s largest financial institution—operates on an innovative lease-to-own model designed to make homeownership accessible to middle- and lower-income families. 

With Tuesday’s milestone, physical construction has now begun across multiple sites as part of the broader initiative, with 3,260 units currently underway in Hulhumale’ Phase I, Hulhumale’ Phase II, and Vilimale’. 

The momentum is unprecedented—-within a single month, physical works have begun on 1,224 units in Hulhumale’ Phase II by China Machinery Engineering Corporation (CMEC), 300 units in Vilimale’ by Rasheed Carpentry and Construction Private Limited (RCC), and 182 units in Hulhumale’ Phase I by FW Construction Company Private Limited.

In a major development announced at the ceremony, BML revealed plans to expand the project by an additional 540 units, raising the total target to 3,800 affordable homes. 

BML confirmed that all units are expected to reach practical completion by the end of 2028, representing a transformative step in alleviating housing pressure in the Greater Malé region and fostering sustainable urban development.

Speaking at a press briefing on Monday, President Dr Muizzu had emphasised the historic significance of the project, noting that for the first time in Maldivian history, citizens can be assured that housing units launched during the current administration will be fully completed and handed over within the same tenure. 

“This is not just about buildings—it’s about dignity, stability, and opportunity,” the President said. 

“We are fulfilling a solemn promise that every Maldivian family will have access to secure, affordable, and permanent housing.” 

Rooted in the vision laid out during the President’s February address, the “Housing for All” policy adopts a holistic framework—expanding real estate access for higher-income groups, enabling affordable homeownership for middle-income families through mortgage solutions, and delivering social housing for the most vulnerable. 

Central to this mission is the belief that resolving the housing crisis is fundamental to social cohesion and economic resilience. With strong international cooperation—particularly with China—and robust public-private collaboration, the government is aiming to transform urban landscapes and redefine living standards.