Managing Director and Chief Executive Officer of the Bank of Maldives (BML), Mohamed Shareef, has stated that affordable housing projects being developed by the bank are expected to be completed and handed over to recipients by mid-2028.

Shareef made the remarks while speaking at the inauguration of BML’s new branch in Dhaalu Kudahuvadhoo on Saturday.

Under the initiative, the Government handed over land last November for the development of housing units through BML’s Affordable Home Leasing Company. The projects fall under the Inclusive National Affordable Housing Scheme introduced by the Maldives Monetary Authority (MMA) and are designed to expand access to home ownership through a lease-to-own financing model.

Once completed, more than 3,200 housing units are planned to be delivered across Hulhumalé Phase I, Hulhumalé Phase III and Vilimalé.

Addressing the ceremony, Shareef said the bank’s improved profitability has strengthened its ability to prioritise initiatives that directly benefit the people of Maldives, noting that BML, as a national bank, remains actively engaged in major development projects in collaboration with the Government.

Contracts for the housing developments have been awarded to three local companies, Amin Construction, FW Construction and Rasheed Carpentry Construction, alongside two international firms, Beijing Urban Construction Group and China Machinery Engineering Corporation.

The housing units will be offered under a lease-to-own arrangement, with the programme aimed at easing housing demand and improving access to long-term, affordable housing options for Maldivian households.