Construction has commenced on five affordable housing projects being developed by BML Affordable Home Leasing Company Pvt Ltd, taking a key step in the implementation of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme.

The start of construction was marked at a ceremony held in Hulhumalé, attended by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, Bank of Maldives (BML) Chairperson Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef.

The projects are part of the Inclusive National Affordable Housing Scheme introduced by the MMA and are aimed at expanding access to affordable home ownership through a lease-to-own model. Upon completion, more than 3,200 housing units are to be delivered across Hulhumalé Phase I, Hulhumalé Phase III and Vilimalé.

According to BML, the projects have been awarded following a detailed evaluation process in line with governance, risk and compliance standards set under the national housing scheme. Construction work will be carried out by a combination of local and international contractors.

Three Maldivian companies, Amin Construction Pvt Ltd, FW Construction Pvt Ltd and Rasheed Carpentry Construction Pvt Ltd, have been awarded contracts under the project. In addition, two international firms, Beijing Urban Construction Group and China Machinery Engineering Corporation, are also involved in developing housing units.

The housing units will be offered under a lease-to-own arrangement, with the scheme intended to help ease housing demand and improve access to long-term, affordable housing options.

BML stated that the commencement of the five projects reflects ongoing efforts to support national housing priorities, strengthen local industry participation and expand access to affordable housing in line with the MMA’s broader objective of promoting an inclusive and resilient financial system.