Seven Firms Bid to Build Homes in New Public-Private Partnership Drive

Seven companies have submitted proposals to build residential units under a new public-private partnership (PPP) framework, announced Construction, Housing and Infrastructure Minister Dr Abdulla Muththalib. The minister made the announcement on Tuesday during a groundbreaking ceremony in Hulhumalé for 364 units under the Bank of Maldives (BML) Affordable Housing Project, describing the PPP initiative as a key part of the government's 'Housing for All' policy. To support the housing scheme, the Maldives Monetary Authority has revised its regulations, now mandating domestic banks to provide housing finance at a five per cent profit rate from their established lending portfolios. This change enables a model that integrates lease-to-own options with public-private collaborations. Minister Muththalib stated that the national housing crisis requires multiple solutions, as different socio-economic groups face distinct challenges. 'These disparate demographic groups require a variety of tailored solutions,' he said. 'Certain families are currently enduring severely substandard living conditions and are in need of immediate residential relief. Conversely, other families find themselves priced out of the market due to the exorbitant costs of real estate.' The Hulhumalé project is part of a larger government programme to deliver 7,900 housing units nationwide. These flats, intended for those using the lease-to-own model at reasonable rates, will be allocated to applicants who secure the highest scores under the government's housing programme for families.