Building affordable flats to go to local companies: BML

Bank of Maldives (BML) stated last night that under BML Affordable Home Leasing Company's project that was launched to build affordable flats in Hulhumale', Maldivian construction companies will be awarded projects as well.

BML Affordable Home Leasing Company is a subsidiary of BML that was put together by the Maldives Monetary Authority (MMA) under Inclusive National Affordable Housing (INAH) in order to achieve a specific intent of theirs. The first project of BML Affordable Home Leasing Company was awarded to two well-known Chinese companies, with practical work to begin in January.

As per BML, the two affordable flat projects were awarded to Beijing Urban Construction Group (BUCG), a company that currently has major projects underway in Maldives, and China Machinery Engineering Corporation (CMEC).

BML spokesperson Mohamed Saeed stated that along with the housing unit work awarded by BML Affordable Home Leasing Company, they have decided to award additional housing work to Maldivian construction companies.

"With this, the practical work for constructing more than 3,000 housing units will begin in January," said BML's Head of Brand and Marketing Strategist Saeed

Under this project from BML, 300 flats in Villimale' will be constructed, with 2,700 flats to be constructed in Hulhumale' Phase 1 and Hulhumale' Phase 3, totaling 3,000 flats.

The Cabinet has decided in the past to offer more opportunities for affordable housing in Maldives by starting the "National Housing Affordability and Accessibility Project".

In order to provide more opportunities in acquiring affordable housing in Maldives, with help from the Housing Ministry under the National Housing Affordability and Accessibility Project, BML have decided to finish building the housing units and open it up under a Lease-To-Own model.

BUCG was awarded the project to build 1,117 housing units on a 13,475 square feet plot of land split into four plots at Hulhumale' Phase 2, with CMEC being awarded the project to construct 1,224 affordable housing units in Hulhumale'.

CMEC is also an acclaimed company, and was also awarded the Vinares Housing Project in Hulhumale'. CMEC is currently working on Gulhi Falhu and Hulhumale' Phase 2's infrastructure.

BUGC is an internationally acclaimed company that has done many projects in Maldives in the past. It includes the development of Velana International Airport's runway and other major projects.

"These contractors were chosen under MMA's Inclusive National Affordable Housing Scheme, with an evaluation stage that was undertaken as per Governance and Risk Standards," stated BML. They also said that these two companies that they entered into an agreement with are financially capable companies that have experience managing international projects and are well-versed in Maldives' construction sector.

Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib stated before that the land to build and sell the affordable housing units were leased to BML for free under MMA's "Inclusive National Affordable Housing Scheme".

He stated that the flats to be constructed by BML will be given to those chosen who apply for a program announced by the government and their eligibility will be determined by conditions that they set.

"The bank decided to collaborate with the government in order to solve the housing crisis and is a level of cooperation that has not been given to the government by former managements," said the minister on 13th November during the ceremony in awarding the plots for the affordable sale and building of flats.