The foundation stone for 182 flats, out of the housing units being built by BML in Hulhumalé under the government’s "Housing for All" project, was laid tonight.
In this project, carried out under the bank’s subsidiary, BML Affordable Home Leasing, the construction of the 182 flats has been contracted to FW Construction.
Speaking at the ceremony held in Hulhumalé Phase 1 to lay the foundation stone for the construction of these flats, BML CEO Mohamed Shareef stated that this is a project conducted to ensure social development and security, and to bring a permanent solution to the housing issue.
Shareef said the primary responsibility of a national bank is not to maximize profit, but to invest in projects essential to the country’s social and economic development and to help raise living standards.
Shareef stated that the resolution of the financial burden being carried through such a project would be a prosperity for those citizens, and that the bank would also receive benefits because of it.
According to him, although the demand for housing in the Malé area has been increasing for many years, the opportunities for housing remained available only to a small extent. He noted that some citizens have had to carry that burden and therefore, as the gap between housing demand and supply needs to be narrowed, the government is taking related measures.
"Investing in such projects is something through which the economic pace will accelerate, the construction sector will receive additional life, own housing will be ensured for many families at an affordable price, and progress will be achieved for the community in various ways." — Shareef
Under the project contracted to FW Construction, 182 apartments of 3 bedrooms will be built. These are flats of 900 square feet.
Under this project entrusted to BML to provide housing at a fair price, 3,260 flats will be built in Villimalé, Hulhumalé Phase 1, and Hulhumalé Phase 3.
Among these, the foundation stone for 1,224 housing units being built in Hulhumalé by contracting the China Machinery Engineering Corporation (CMEC) was recently laid. And last Thursday night, the foundation stone for 300 flats being built in Villimalé by contracting Rasheed Carpentry and Construction (RCC) was laid.
Under the project, contracts have also been made with China’s Beijing Urban Construction Group (BUCG) to build 1,190 flats and with Amin Construction to build 364 flats.
BML has decided to build the housing units and open them to the public under a lease-to-own model.
The work for all these flats was contracted to be completed by mid-2028.
