Practical works have commenced on the construction of 364 affordable housing units by Bank of Maldives in Hulhumalé Phase I.

A groundbreaking ceremony marking the start of the project was attended by President Dr Mohamed Muizzu, Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, along with senior officials from BML and project partners.

The project has been awarded to Amin Construction Company Private Limited, a Maldivian firm with extensive experience in the construction sector.

Under the project, two residential towers will be developed in Hulhumalé Phase I, comprising three-bedroom apartments. Each unit will have an approximate area of 900 square feet.

The development is part of BML’s affordable housing initiative under the national inclusive housing programme, implemented through its subsidiary, BML Affordable Homes Leasing Company. The project is scheduled for completion by mid-2028.

The housing programme will be carried out across Hulhumalé and Villimalé, as part of ongoing efforts to expand access to affordable housing.