The maximum price for a three-bedroom apartment under the Affordable Home Ownership Scheme has been set at MVR 2.3 million, the Housing Ministry said on Monday.
Under the project, 1,000 flats will be developed across five locations in Hulhumale', with 200 housing units planned for each site. The ministry opened bidding for the construction of the project on last Thursday, with submissions due by the 23rd of this month.
According to the ministry, three-bedroom apartments will measure 950 square feet, with a price cap of MVR 2.3 million. Two-bedroom units will measure 700 square feet and will be priced at a maximum of MVR 1.8 million.
“At least 70 percent of each development must consist of three-bedroom apartments. The maximum price for a car parking space is MVR 450,000,” the ministry said.
Land for the project will be provided free of charge by the government. Developers will be required to complete construction within 30 months of the land handover.
The ministry said the scheme aims to expand affordable housing options, support infrastructure development and improve quality of life.
BML Affordable Home Leasing Company has already begun work on the broader housing initiative. The company’s CEO and managing director, Mohamed Shareef, said the flats are expected to be completed and made available to the public by mid-2028.
Construction of 3,260 flats began in late December last year across Hulhumale' Phase 1, Hulhumale' Phase 3 and Vilimale'.
