Five developers have been awarded contracts to construct 1,000 affordable housing units in Hulhumalé under the Government's affordable home ownership scheme in a major step towards expanding access to home ownership for Maldivian families.

The agreements were signed under a public-private partnership using the Sell-and-Build Financed Contractor model. The housing units will be developed in Hulhumalé Phase III, with each developer assigned one plot. Construction is expected to be completed within 30 months.

The contracts were awarded to SJ Construction Pvt Ltd; a joint venture between One Reality Pvt Ltd and Maldives Medtech Pvt Ltd; Amin Construction Pvt Ltd; Rasheed Carpentry and Construction Pvt Ltd; and a joint venture comprising Flexx Link Pvt Ltd, OXRO Pvt Ltd, Solex Pvt Ltd and VA Builds Pvt Ltd.

The project forms part of President Dr Mohamed Muizzu's Housing for All policy, which aims to make home ownership more accessible to middle-income families through affordable mortgage financing.

Under the scheme, all apartments will be allocated through a Government application process to eligible applicants under the Aailee Boahiyaavahikan programme. The maximum selling prices have been capped at MVR 1.8 million for two-bedroom apartments and MVR 2.3 million for three-bedroom apartments.

The Ministry of Infrastructure, Housing and Urban Development stated that the initiative is designed to keep housing affordable by reducing development costs through measures such as exemptions on land acquisition costs, import duties and GST on eligible items. The project also prioritises providing home ownership opportunities to families who do not currently own a home.

The agreements follow a call for proposals issued by the ministry in February this year, with developers selected through a competitive evaluation process based on the highest-scoring submissions.