BML to begin issuing affordable flats in 2028: CEO

Mohamed Shareef, CEO and Managing Director of Bank of Maldives (BML), announced today that the affordable flats currently being constructed by the BML Affordable Home Leasing Company in Hulhumalé are expected to be completed and ready for handover to the public by mid-2028.

He shared this update during the official opening ceremony of the new BML branch in Dh. Kudahuvadhoo. Although the project involves more than 3,000 flats, BML has not yet disclosed the specific regulations for their allocation, and CEO Shareef did not provide further details on the matter during today's event.

The practical work on the 3,260-unit project, which has been awarded to five contractors, officially commenced last week. These units are being developed across Hulhumalé Phase 1, Hulhumalé Phase 3, and Vilimalé.

The project is being managed by BML's subsidiary, the Affordable Home Leasing Company, which was established to meet the goals of the Inclusive National Affordable Housing (INAH) scheme formulated by the Maldives Monetary Authority (MMA).

To execute the construction, BML's subsidiary has contracted three Maldivian firms, RCC, Amin Construction, and FW Construction, alongside two Chinese companies, Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).

In collaboration with the Ministry of Housing under the National Housing Affordability and Accessibility Project, BML plans to offer these units through a lease-to-own model, where ownership is transferred to the residents once the lease payments are finalized.

Housing Minister Dr. Abdulla Muththalib previously stated that the land for these flats was provided to BML at no cost to ensure the rates remain affordable. He also clarified that while the flats will be awarded to individuals selected through a government-announced program, they must also meet specific eligibility criteria set by the bank.

During the land handover ceremony on November 13 last year, the Minister praised the bank's initiative, noting that such a level of cooperation between the bank and the government to address housing challenges is unprecedented.