Bank of Maldives (BML) said construction had commenced on five affordable housing projects being developed by BML Affordable Home Leasing Company Pvt Ltd, as part of the Maldives Monetary Authority’s Inclusive National Affordable Housing Scheme.

BML stated that the start of construction was marked at a ceremony held in Hulhumalé, which was attended by Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib, BML Chairperson Ahmed Ali Habeeb, and BML CEO and Managing Director Mohamed Shareef.

According to BML, the projects were intended to expand access to affordable home ownership through a lease-to-own model and would deliver more than 3,200 housing units across Hulhumalé Phase I, Hulhumalé Phase III and Vilimalé upon completion.

BML noted that the projects had been awarded following a detailed evaluation process in line with governance, risk and compliance standards set under the national housing scheme. The bank added that construction work would be carried out by both local and international contractors, including Maldivian companies Amin Construction Pvt Ltd, FW Construction Pvt Ltd and Rasheed Carpentry Construction Pvt Ltd, as well as Beijing Urban Construction Group and China Machinery Engineering Corporation.

BML further said the projects reflected ongoing efforts to support national housing priorities, strengthen local industry participation and expand access to long-term, affordable housing in line with the MMA’s goal of promoting an inclusive and resilient financial system.