The foundation has been laid for a 182-unit housing project in Hulhumalé, developed by the Bank of Maldives (BML) as part of its broader affordable housing initiatives.
President Mohamed Muizzu officiated the groundbreaking ceremony held in Hulhumalé Phase One, marking a significant step in the government’s efforts to address housing challenges in the Greater Malé area.
The event was attended by senior government officials and key stakeholders, including Construction, Housing and Infrastructure Minister Abdulla Muththalib, BML Chairman Ahmed Ali Habeeb, BML Chief Executive Officer and Managing Director Mohamed Shareef, Managing Director of BML Affordable Home Leasing Hassan Shaam, and Managing Director of FW Construction, Ibrahim Waheed.
FW Construction, an established local contractor, has been awarded the project. The development forms part of BML’s contribution to the government’s “Housing for All” policy, which aims to expand access to affordable housing nationwide.
Speaking at the ceremony, Mohamed Shareef highlighted that the role of a national bank extends beyond profitability, emphasising its responsibility to support social and economic development. He noted that BML’s housing projects are designed to ease financial pressures on families while stimulating economic growth and supporting the construction sector.
Under its affordable housing programme, BML plans to develop a total of 3,260 housing units across the Greater Malé region through its subsidiary established under the Inclusive National Affordable Housing (INAH) programme. The developments include projects in Hulhumalé, Vilimalé and Gulhifalhu.
In addition to the 182-unit project, plans are underway for 300 housing units in Vilimalé and approximately 2,700 units across two phases in Gulhifalhu. Foundation works have already commenced for 1,224 units in Gulhifalhu Phase Three.
The housing units will consist of modern three-bedroom apartments, with construction carried out by a mix of local and international firms, including Beijing Urban Construction Group, China Machinery Engineering Corporation, Amin Construction Pvt Ltd, FW Construction Pvt Ltd and Rasheed Carpentry and Construction Pvt Ltd.
The project is scheduled for completion by mid-2028, forming part of wider national efforts to improve housing accessibility and support long-term urban development.
