Foundation Work Begins on BML Affordable Apartments in Hulhumalé Phase 1

The Maldives Monetary Authority (MMA) has formulated an inclusive national affordable housing (INAH) scheme, under which projects will be implemented after an evaluation phase with specific financing and risk standards, entrusting them to selected local and foreign companies. Under this scheme, foundation preparation and concrete laying work is currently underway for 182 units out of 364 units being developed in Hulhumalé Phase 1 by BML Affordable Home Licensing Company, entrusted to Amin Construction. BML stated that practical work for building 3,260 housing units in Malé is also ongoing, with completion expected around mid-2028. Upon completion, more than 3,200 housing units in Hulhumalé Phase 1, Phase 3, and Vilimalé will be released from rental obligations and sold at relatively lower rates. The work has been entrusted to local companies Amin Construction, FWD Construction, and Rashid Carpentry & Construction (RCC), and foreign companies Beijing Urban Construction Group and China Machinery Engineering Corporation.