The foundation stone for 300 flats to be built by BML in Villimale under the "Housing for All" project was laid tonight.
The project, managed by the bank’s subsidiary company, BML Affordable Home Leasing, has been awarded to Rasheed Carpentry and Construction (RCC).
Under this project, three 17-story towers will be constructed in Villimale. These will consist of three-bedroom apartments, each measuring 900 square feet.
BML stated that these structures are being built in a manner that preserves the greenery of Villimale.
During the ceremony held in Villimale, BML CEO Mohamed Shareef stated that this project is an initiative conducted to ensure social development and security for Maldivians, providing a permanent solution to the housing problem and facilitating affordable housing.
Shareef said that under the leadership of President Dr. Mohamed Muizzu, housing has been identified as a backbone of social stability and has been brought to the forefront of the national agenda.
Shareef stated that the government has worked at a fast pace under the President’s guidance. He added that the commencement of the National Housing Affordability and Accessibility policies, which were inaugurated last October, in such a short period is an example of the unity between leadership and institutions and the target to achieve things quickly.
"Under your guidance, the government has worked with great speed and a noble purpose. The inauguration of the National Housing Affordability and Accessibility under the name 'Housing for All' in October last year was a clear direction for this country, which has been facing immense housing difficulties," Shareef said at the ceremony attended by the President.
Shareef stated that the government’s arrangement of land for BML to conduct these projects without having to pay rent was a very wise decision. He noted that because of this, the cost of the project has decreased, and affordable housing can be provided to Maldivian families.
Shareef said he recognizes the technical capability of RCC, which has been entrusted with building the 300 housing units in Villimale, and believes that the project will be completed as agreed.
Under this project entrusted to BML, 3,260 flats will be constructed in Villimale as well as Hulhumalé Phase 1 and 3. Shareef says that the foundation stone for 1,224 housing units entrusted to China Machinery Engineering Corporation (CMEC) was laid last Saturday night, and that project has commenced.
The remaining 1,190 flats in the project have been awarded to China’s Beijing Urban Construction Group (BUCG). Additionally, 364 flats have been awarded to Amin Construction, while 182 flats were awarded to FW Construction.
To provide housing units at an affordable price, BML, with the assistance of the Housing Ministry, has decided to build the housing units and open them to the public under a lease-to-own model (ownership upon completion of rent payments).
The work for all these flats was awarded to be completed by mid-2028.
