BML Affordable Home Leasing Company has officially awarded contracts to two international firms today for the construction of new affordable housing projects in Hulhumalé. With work scheduled to begin this coming January, the company was established by the Bank of Maldives (BML) under the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing (INAH) framework. Its primary objective is to facilitate housing in compliance with regulations that mandate commercial banks to allocate 10-15% of their total loan portfolios to affordable housing.
Beijing Urban Construction Group (BUCG) has been contracted to develop 1,117 housing units, while China Machinery Engineering Corporation (CMEC) will undertake the construction of 1,224 units. Both companies possess extensive international experience and a proven track record of major projects in the Maldives. The selection of these contractors was conducted in accordance with the governance and risk standards established under the MMA’s INAH scheme.
BML stated that these projects align with the government’s “Housing for All” and family-oriented housing policies. Furthermore, the company operates under Shari’ah-compliant principles with the approval of the MMA. BML’s CEO, Mohamed Shareef, explained that these flats will be offered under a “lease-to-own” model, where ownership is transferred to the tenants upon the completion of all lease payments. The Minister of Housing, Land, and Urban Development, Dr. Ali Haidar Ahmed, noted that the land for these projects was provided to the bank at no cost. The units will be allocated to individuals who apply through the government’s announced programs and meet the eligibility criteria defined by the bank.
In total, this BML initiative aims to develop 3,000 units, comprising 300 flats in Villingili and 2,700 flats across Hulhumalé Phase 1 and Phase 3. BML spokesperson Mohamed Said added that beyond these international contracts, additional housing units will also be awarded to Maldivian construction firms. Physical work on more than 3,000 housing units under these various projects is expected to commence in January.
