Bank of Maldives (BML) has commenced a 300-unit housing project in Vilimalé under the government’s housing scheme.

The project, awarded to Rasheed Carpentry and Construction Pvt Ltd through BML Affordable Home Leasing Pvt Ltd, will feature three 17-storey towers designed to preserve the island’s greenery.

Speaking at the ceremony, BML CEO Mohamed Shareef said the initiative aims to address the housing crisis while supporting social development and long-term security for citizens. He added that President Dr Mohamed Muizzu has prioritized finding a lasting solution to housing challenges.

BML is also developing 1,224 housing units in Hulhumalé and plans a total of 3,260 units across the Greater Malé region as part of the national affordable housing program.