BML to Construct Over 2,000 Affordable Homes in Hulhumalé Starting January

The BML Affordable Home Leasing Company Private Limited, a subsidiary of the Bank of Maldives (BML), has awarded two construction contracts for new affordable housing units in Hulhumalé. The construction is set to begin next January, marking a significant step in implementing the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing (INAH) framework. Under MMA regulations, commercial banks in the Maldives are required to allocate between 10% and 15% of their total loan portfolios toward affordable housing initiatives. BML has selected Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC) for the projects. BUCG will develop 1,117 housing units across four plots in Hulhumalé Zone II, while CMEC will build 1,224 affordable housing units. Both companies have extensive experience in the Maldives, including projects like the Velana International Airport runway and the Vinares Housing Project. BML emphasized that the contractors were chosen after a thorough evaluation in line with MMA's INAH governance and risk standards.