Housing projects awarded at bank-controlled prices: BML

Bank of Maldives (BML) has said that housing projects under the government’s affordable housing policy have been awarded to contractors at controlled prices fixed by the bank.

In a statement issued today, BML said two housing projects had been awarded to foreign companies after assessing their financial strength and technical experience. The projects are being implemented through BML Affordable Home Leasing Company Pvt Ltd, a subsidiary established last year to carry out housing developments under the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme.

The housing units were contracted last month to two Chinese firms: Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC). BML said the projects were awarded at prices determined by the bank to ensure cost control and timely completion.

According to BML, both companies possess the technical and financial capacity to complete the projects without disruption.

“The bank is a publicly listed commercial bank that operates in full compliance with MMA and Capital Market Development Authority (CMDA) regulations,” BML said, adding that it adheres to all reporting and disclosure requirements set by regulators.

The bank said it could not disclose further commercial details, noting that releasing such information beyond mandatory disclosures could harm competitiveness and affect shareholder interests.

Under MMA regulations, commercial banks are required to allocate 10 to 15 percent of their total loan portfolio to affordable housing.

BUCG has been awarded the contract to build 1,117 housing units across four plots in Hulhumalé Phase 2, covering a combined area of 13,475 square feet. The company has previously carried out major projects in the Maldives, including the construction of the new runway at Velana International Airport.

CMEC, which completed the Vinares Housing Project in Hulhumalé, has been awarded the contract to build 1,224 affordable housing units. The company is also involved in infrastructure development works in Gulhifalhu and Hulhumalé.

Under BML’s overall housing programme, the bank plans to develop 300 flats in Vilimalé and 2,700 flats across Hulhumalé Phase 1 and Phase 3.