BML Affordable Home Leasing Company Private Limited, a wholly owned subsidiary of the Bank of Maldives (BML), has announced the award of major construction contracts for the development of new affordable housing units in Hulhumalé, with construction scheduled to begin in January 2026.

The projects form part of the Inclusive National Affordable Housing Scheme (INAH), mandated by the Maldives Monetary Authority (MMA), which requires commercial banks to allocate between 10 and 15 per cent of their lending portfolios to affordable housing. The scheme aims to expand access to home ownership for Maldivians through bank led financing mechanisms.

The announcement stated that BML Affordable Home Leasing Company has engaged two international construction firms to develop multiple residential plots in Hulhumalé’. Beijing Urban Construction Group (BUCG) has been awarded a contract to build 1,117 housing units across four plots in Hulhumalé’ Phase II, covering a combined land area of approximately 13,475 square metres. China Machinery Engineering Corporation (CMEC) has been contracted to construct a further 1,224 housing units. CMEC has previously undertaken residential and infrastructure projects in the Maldives, including the Vinares Housing Project, and is currently involved in works in Gulhifalhu and Hulhumalé’ Phase III.

BML said the contractors were selected following an evaluation process conducted in line with governance and risk management standards set under the INAH framework. The bank noted that both companies demonstrated financial capacity, international project delivery experience, and familiarity with operating in the Maldivian construction sector.

BML Affordable Home Leasing Company was established to implement the MMA’s affordable housing policy mandate and operates with the approval of the central bank. The company said it functions in accordance with Shariah principles as part of its financing model for affordable housing.