182 Affordable Housing Units Launched in Hulhumalé by Bank of Maldives

President Dr. Mohamed Muizzu has officiated the groundbreaking ceremony for a new 182-unit affordable housing project in Hulhumalé, developed by the Bank of Maldives (BML). The ceremony, held in Hulhumalé Phase One, was attended by key officials including Construction Minister Dr. Abdulla Muththalib and BML leadership. The construction contract has been awarded to the Maldivian firm FW Construction. Speaking at the event, BML CEO and Managing Director Mohamed Shareef emphasized the bank's role in national development beyond financial profit. He stated the project aligns with the government's accelerated 'Housing for All' policy, aiming to address a critical social challenge. Shareef noted that such initiatives ease financial burdens on families, stimulate economic activity, and support the construction sector. This project is part of BML's broader strategy under its subsidiary, BML Affordable Home Leasing, established under the Inclusive National Affordable Housing (INAH) programme. The bank plans to develop a total of 3,260 housing units by mid-2028. The wider plan includes 300 units in Vilimalé and 2,700 units across two phases in Gulhifalhu. Foundation work has already begun for 1,224 units in Gulhifalhu Phase Three and the Vilimalé project. The housing units will be three-bedroom apartments built to modern standards. Construction across all projects involves a mix of international and local companies, including firms from China and Sri Lanka alongside Maldivian contractors.