BML’s affordable flat project commences practical work, with local contractors

Practical work has officially commenced today on a total of five projects under the affordable housing initiative managed by the BML Affordable Home Leasing Company in Hulhumalé.

While construction for two towers was previously awarded to major international firms, Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC), the bank has now also contracted three prominent Maldivian companies: Amin Construction, FW Construction, and RCC.

This move follows an evaluation process conducted in alignment with the governance and risk standards established under the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing (INAH) scheme.

Upon completion, these projects will provide more than 3,200 housing units across Hulhumalé Phase 1, Phase 3, and Villingili, offered at relatively low rates through a lease-to-own model.

According to BML, the initiative is designed to provide significant relief to the current housing demand in the Maldives.

"With the commencement of these five projects, Bank of Maldives and BML Affordable Home Leasing Company demonstrate their commitment to supporting national strategic housing goals, increasing the participation of local industries, and providing opportunities for residents to become homeowners through a sustainable financial system at affordable prices, in line with the MMA’s established regulations," the bank stated.

Under the National Housing Affordability and Accessibility Project, and with the support of the Housing Ministry, BML decided to develop these units to be offered to the public specifically through the lease-to-own model, where ownership is transferred once the lease payments are finalized.

Minister of Construction, Housing, and Infrastructure Dr. Abdulla Muththalib previously noted that the land for these flats was provided to BML free of charge under the MMA’s inclusive scheme to ensure the units remain affordable. He clarified that the flats will be awarded to individuals who apply and are selected through a government-announced program, provided they also meet the bank's specific eligibility criteria.

During a ceremony held on November 13 last year to hand over the land plots, Minister Muththalib praised the bank's involvement, stating: "The bank's decision to join hands with the government to launch a major project to solve the housing difficulties faced by Maldivian citizens is a level of cooperation that has not actually been given to the government by former managements."

The project remains a central part of the government's broader strategy to align the financial sector with social needs, ensuring that affordable financing options are accessible to first-time home-buyers.