Bank of Maldives (BML) CEO Mohamed Shareef has said that three bedroom flats being constructed under the bank’s affordable housing programme are expected to cost around MVR 10,000 per month.
BML, in partnership with the Maldives Monetary Authority (MMA) through its Inclusive National Affordable Housing initiative, has established a subsidiary, BML Affordable Home Leasing to oversee the construction of 3,260 flats in the Male' area.
The bank recently laid the foundation stone for 1,224 units, handed over to China Machinery Engineering Corporation (CMEC), as part of the larger project.
“The main purpose of the affordable flat project is to provide housing that is truly affordable for people,” Shareef told PSM’s Raajje Miadhu programme. The flats will be offered under a lease-to-own or month-to-month rental model.
Shareef said while final figures are not yet confirmed, preliminary calculations indicate that a three-bedroom flat could be rented for approximately MVR 10,000 per month.
By comparison, similar apartments in the open market cost between MVR 25,000 and 30,000. “This will provide significant relief to the flat recipients,” he said.
Details of the 3260 flats to be constructed by BML
The contractors awarded the projects have committed to completing all flats by 2028. The distribution of flats is as follows:
- 1,224 flats — CMEC (Hulhumale' Phase 3)
- 1,190 flats — BUCG (Hulhumale' Phase 3)
- 364 flats — Amin Construction (Hulhumale' Phase 1)
- 182 flats — FW Construction (Hulhumale'Phase 1)
- 300 flats — Rasheed Carpentry & Construction (Villimale’)
