News Desk
HULHUMALÉ — The national bank of the Maldives, Bank of Maldives (BML), marked a significant milestone in its commitment to addressing the nation’s chronic housing shortage on Friday evening, as it officially broke ground on 182 new residential units in Hulhumalé Phase 1.
The project, spearheaded by the bank’s subsidiary, BML Affordable Home Leasing, is part of a broader government initiative titled “Housing for All”. The contract for the construction of the units has been awarded to FW Construction.
Speaking at the foundation stone-laying ceremony, BML’s Chief Executive Officer, Mohamed Shareef, emphasised that the bank’s mandate extends beyond pure financial gain. “A national bank’s most vital responsibility is not merely to seek profit,” Shareef stated. “Our role is to invest in projects that bolster the nation’s social and economic fabric, ultimately elevating the standard of living for our citizens”.
Shareef acknowledged the long-standing disparity in the Greater Malé region between the surging demand for housing and the limited supply, a gap that has placed considerable financial and emotional burdens on many families. He noted that the government is taking decisive steps to bridge this divide, with BML playing an integral role through targeted investments.
“Investing in such projects accelerates economic momentum, revitalises the construction sector, and ensures that countless families can secure their own homes at an affordable price,” he added.
The development, as outlined by the project specifications, will consist of 182 three-bedroom apartments, each spanning 900 square feet. This project forms part of a massive, overarching mandate assigned to the bank to oversee the construction of 3,260 housing units across Vilimalé, Hulhumalé Phase 1, and Hulhumalé Phase 3.
The broader initiative has seen rapid momentum in recent weeks. A foundation stone for 1,224 units—contracted to the China Machinery Engineering Corporation (CMEC)—was recently laid in Hulhumalé. Furthermore, a ceremony on Thursday night marked the commencement of 300 units in Vilimalé, to be constructed by Rashid Carpentry and Construction (RCC). Other key contractors involved in the ambitious rollout include the Beijing Urban Construction Group (BUCG), tasked with 1,190 units, and Amin Construction, which is responsible for 364 units.
The bank intends to offer these properties under a “lease-to-own” model, allowing residents to eventually secure full ownership of their apartments upon the completion of their rental payments. All projects under this collective scheme are scheduled for completion by the middle of 2028.