Bank of Maldives Housing Project Expands to Deliver 4,000 Homes

The Bank of Maldives (BML) is set to begin construction on a massive housing initiative after receiving drawing approvals for nearly all planned projects. The government has further expanded the scope of the scheme, adding 710 units to the original allocation to better address the nation's pressing housing shortage. Chief Government Spokesperson Mohamed Hussain Shareef announced the expansion during the fourth 'Presser with the Spox' media briefing. The additional units increase the total project volume to approximately 4,000 homes, which will be developed across Hulhumalé Phase I, Phase III, and Villimale'. According to the spokesperson, the BML scheme possesses the necessary capacity for this scale-up. He confirmed that site mobilization is already complete and a combination of local and international contractors have been secured. The administration expects the majority of construction to be completed within the established timeline. Beyond the construction logistics, Hussain Shareef emphasized the government's strategy of balancing economic growth with fiscal responsibility. He noted that while the state continues to rely on the expertise and recommendations of financial institutions to steer the economy, it remains committed to maintaining essential public services. This expansion builds upon the momentum of the initial 3,260-unit project inaugurated by BML in March. The initiative represents a critical pillar of the government's broader effort to provide affordable and accessible housing for Maldivian citizens, utilizing the financial strength of the country's leading bank to accelerate delivery. As the project moves from the planning phase to active construction, the integration of foreign expertise alongside local firms is expected to streamline the development process and ensure modern standards are met across the three primary development zones.