BML Breaks Ground on 364 Affordable Homes in Hulhumalé

The Bank of Maldives (BML) has begun construction on a 364-unit affordable housing project in Hulhumalé, a key step in a national plan to build thousands of new homes. President Dr Mohamed Muizzu presided over the groundbreaking ceremony, joined by Construction Minister Dr Abdulla Muththalib and senior BML officials. The residential development, awarded to local firm AMIN Construction Private Limited, will consist of two towers. Each unit will be a three-bedroom apartment spanning 900 square feet. The project is managed by the BML Affordable Home Leasing Company, a subsidiary created to implement the Inclusive National Affordable Housing initiative. This subsidiary has a mandate to construct 3,260 high-quality, three-bedroom units nationwide by mid-2028. The broader portfolio includes 300 units for Villimalé and 2,960 units spread across Hulhumalé’s Phase I and Phase III, where work is already underway. To deliver this large-scale infrastructure program, BML has formed a consortium with international partners China Machinery Engineering Corporation and Beijing Urban Construction Group, as well as local companies FW Construction and Rasheed Carpentry and Construction. The project aims to significantly expand housing options for Maldivian families.