BML Breaks Ground on 1,224 Affordable Homes in Hulhumalé

Construction is officially underway on 1,224 new affordable housing units in Hulhumalé Phase III, a major component of the Bank of Maldives (BML) Affordable Housing Project. The foundation stone was laid in a ceremony attended by President Dr. Mohamed Muizzu and senior officials. The project is being developed by the BML Affordable Home Leasing Company, a subsidiary of the national bank, under the Maldives Monetary Authority's Inclusive National Affordable Housing (INAH) initiative. The units are part of a larger plan to build 3,260 homes nationwide. China Machinery Engineering Corporation (CMEC) is the primary contractor for this phase, working alongside Chinese firm BUCG and local companies Amin Construction, FW Construction, and Rasheed Carpentry and Construction (RCC). The apartments will be three-bedroom, high-quality units and will be allocated through the government’s housing programme. Authorities expect the project to be completed by mid-2028, offering a significant boost to the nation's housing stock. CMEC has a substantial track record in the Maldives, having previously delivered the Vinares Housing Project and currently working on developments in Gulhifalhu and Hulhumalé Phase II.