BML Affordable to Begin Construction of Over 2,000 Housing Units in Hulhumale'

BML Affordable Home Leasing Company Pvt Ltd, a wholly owned subsidiary of the Bank of Maldives (BML), is set to commence construction of more than 2,000 affordable housing units in Hulhumale' next month. The initiative is part of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH), which mandates commercial banks to allocate 10-15% of their lending portfolio to affordable housing. The company has awarded major construction contracts to two internationally recognized firms: Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC). BUCG will construct 1,117 housing units across four plots in Hulhumale' Zone 2, while CMEC will build 1,224 units. The contractors were selected following a rigorous evaluation process aligned with governance and risk standards under the INAH framework. Construction is expected to begin in January 2026 and will be completed within the stipulated timeframe. This project marks a significant step in advancing the MMA-mandated national housing initiative, aimed at expanding access to affordable home ownership in the Maldives.