Construction has officially commenced on 1,224 housing units under the Bank of Maldives (BML) Affordable Housing Project in Hulhumalé Phase III.
The project is being developed by BML Affordable Home Leasing Company, a subsidiary of BML, as part of the Inclusive National Affordable Housing (INAH) initiative. This broader initiative, led by the Maldives Monetary Authority (MMA), aims to deliver a total of 3,260 housing units to the public.
The construction is being carried out by China Machinery Engineering Corporation (CMEC) in collaboration with Beijing Urban Construction Group (BUCG) and several prominent local firms, including Amin Construction, FW Construction, and Rasheed Carpentry and Construction (RCC).
President Mohamed Muizzu attended the foundation stone-laying ceremony, joined by the Minister of Construction, Housing and Infrastructure Abdulla Muththalib, BML Chairman Ahmed Ali Habeeb, and BML CEO Mohamed Shareef. Also in attendance were the Managing Director of BML Affordable Home Leasing Hassan Sham, the Chinese Ambassador to the Maldives, and the Chairman of CMEC.
The development will feature high-quality three-bedroom apartments, which will be allocated under the government’s national housing program. The project is slated for completion by mid-2028.
CMEC has a long-standing history of infrastructure development in the Maldives, having previously completed the Vinares Housing Project and currently managing ongoing developments in both Gulhifalhu and Hulhumalé.
