Ground was broken for 1,190 housing units under the Bank of Maldives (BML) Affordable Home Leasing project in Hulhumalé Phase II, with construction to be carried out by Beijing Urban Construction Group (BUCG).

The project is being implemented through BML’s subsidiary, BML Affordable Home Leasing Company, with a ceremony held to mark the start of works attended by President Dr Mohamed Muizzu, Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, BML CEO and Managing Director Mohamed Shareef, Managing Director of BML Affordable Home Leasing Hassan Shaam, Chinese Ambassador to the Maldives Kong Xianhua and senior officials of BUCG.

Speaking at the ceremony, CEO Shareef said the pace of housing construction under the current programme marks a significant shift from previous projects, noting that the development is expected to be completed by mid-2028, while highlighting that the initiative would provide safe and affordable housing opportunities to thousands of Maldivian families.

He added that the role of a national bank extends beyond financial returns, emphasising the importance of investing in large-scale projects that support socio-economic development and improve living standards, with housing developments also contributing to broader economic growth.

The project forms part of a wider housing initiative aimed at delivering 3,260 housing units, with construction of 1,706 units having commenced earlier and a total of 2,896 units now underway following the addition of the 1,190 units, while BUCG brings extensive international experience to the project, having previously undertaken major developments including works related to Velana International Airport.