Bank of Maldives (BML) has begun preparing the foundation for and pouring concrete into some of the housing units of affordable flats being newly built in Hulhumale' by the BML Affordable Home Leasing Company under the "Housing For All" policy.
BML stated the project was awarded to Amin Construction to build 364 housing units, with concrete pouring efforts for 182 of the housing units having begun.
BML, the first company to take part in the Maldives Monetary Authority's (MMA) Inclusive National Housing Scheme which is mandatory for all Maldivian banks, said today that practical efforts have begun on the 3,260 affordable housing units under the lease-to-own model.
"Work is proceeding according to our schedule to finish all of these units by mid-2028. The bank has also decided to construct an additional 740 housing units," reads the message to the media by BML.
According to the bank, housing units will be allocated with MMA's permission and in accordance with Sharia rules.
The Maldivian companies that have been awarded with this project are Amin Construction, FW Construction and Rasheed Carpentry and Construction. Foreign companies include Beijing Urban Construction Group and China Machinery Engineering Corporation.
