BML lays foundation for 182 housing units in Hulhumale' Phase I under affordable housing project

BML CEO and MD Mohamed Shareef speaks at the ceremony held to launch the development of housing units in Hulhumale' Phase I, March 29, 2026. (Photo/Ministry of Construction, Housing & Infrastructure)

The Bank of Maldives has commenced a significant housing project in Hulhumale' Phase I, aimed at providing 182 new residential units. Through a strategic partnership with FW Construction, this development is a cornerstone of the national Housing for All initiative, designed to address social challenges and provide stable, affordable living solutions for residents. Utilizing a rent-to-own model, the bank aims to enable sustainable homeownership, reflecting its commitment to social responsibility and long-term economic development. This initiative complements a broader wave of infrastructure projects currently transforming the residential landscape across Hulhumale' and Vilimale'.

BML initiated a 182-unit housing project in Hulhumale' Phase I with FW Construction.
The project supports the government's Housing for All initiative to improve living standards.
BML employs a rent-to-own model to help families secure permanent private housing.
This development is part of an ongoing series of housing investments across multiple regions.

The foundation for 182 housing units under the Bank of Maldives (BML) Affordable Housing Project in Hulhumale' Phase I was laid on Sunday evening.

FW Construction has been awarded the contract to build the units in this phase. The inauguration ceremony was attended by Housing Minister Dr Abdulla Mutalib, along with senior officials from BML and FW Construction.

BML said FW Construction is an experienced Maldivian company with a long track record in major construction projects across the country.

Speaking at the ceremony, BML CEO and Managing Director Mohamed Shareef said the government’s Housing for All initiative is rapidly progressing toward providing a permanent solution to one of the country’s biggest social challenges. He said the responsibility of a national bank extends beyond financial profit to investing in projects that support social and economic development and improve living standards.

Tonight, BML Affordable Home Leasing Company held a groundbreaking ceremony for the development of 182 housing units in Hulhumale’ Phase I, in partnership with FW Construction Company.

This is a significant step forward in the implementation of MMA’s Inclusive National… pic.twitter.com/cWaFXJF6sT
— Bank of Maldives (@bankofmaldives) March 29, 2026

Shareef added that investments in housing projects will stimulate the economy, boost the construction sector and enable many families to secure affordable private housing.

BML Affordable Home Leasing Company, a subsidiary of the bank, has already leased 3,260 housing units in Hulhumale' Phases I and II and Vilimale'. The new three‑bedroom units will be offered under a rent‑to‑own model.

The foundation stone for 1,224 housing units was laid on the 21st of this month, a project awarded to China Machinery Engineering Corporation (CMEC). Last Thursday, the foundation stone for 300 housing units in Vilimale' was also laid, with construction assigned to Rasheed Carpentry and Construction (RCC).

By Azhaar Abdul Azeez

Writer