BML forms subsidiary to conduct affordable housing project

Bank of Maldives (BML) has formed a subsidiary company to manage the affordable housing project under the Maldives Monetary Authority (MMA)'s Inclusive National Affordable Housing Scheme policy. 

The subsidiary is BML Affordable Home Leasing Pvt Ltd, fully owned by the bank. 

In a ceremony held at the BML Head Office this morning for the handover of land for the project, BML CEO Mohamed Shareef said that this subsidiary company will be managing the project to develop 3000 affordable flats in Vilimale', Hulhumale' Phase 1 and Hulhumale' Phase 3. 

The purpose of the BML subsidiary BML Affordable Home Leasing Pvt Ltd is to develop these 3000 flats and to lease them under a Lease Ending With Ownership model. Once the rent period is completed, the flats' ownership will be transferred to the renters, Shareef stated. 

This is BML's second subsidiary, the first being SME Development Finance Corporation (SDFC).

SDFC has since been rebranded as SME Digital. 

Under the affordable housing project, BML will be developing 300 flats in Vilimale', and 2700 flats across Hulhumale' Phase 1 and Hulhumale' Phase 3.