BML launches next phase of affordable housing development

From the groundbreaking ceremony for the BML Affordable Housing Project in Hulhumale' Phase II, March 21, 2026. (Photo/President's Office)

On the evening of March 30, 2026, the landscape of national housing shifted significantly as the Bank of Maldives (BML) held a ceremonial groundbreaking for its ambitious affordable housing development in Hulhumale Phase II. The event, which saw the laying of the foundation stone for 1,190 residential units, represents a major advancement in the ongoing efforts to provide accessible, high-quality housing for citizens across the Maldives. The contract for this substantial development has been formally awarded to the Beijing Urban Construction Group, a move that underscores the scale and international cooperation involved in this national priority project. During the inauguration ceremony, Mohamed Shareef, CEO and Managing Director of the Bank of Maldives, emphasized the unprecedented nature of this project. He noted that while historical housing initiatives often faced lengthy delays, this particular development is set to be completed with remarkable efficiency, targeting a delivery date by mid-2028. According to Shareef, this accelerated pace is not merely a logistical achievement but a core component of the bank's dedication to improving the lives of thousands of Maldivian families. He highlighted that providing safe, adequate, and affordable homes is essential to fostering societal stability and individual prosperity. Furthermore, Shareef articulated the integral link between the health of the banking sector and the broader economic vitality of the nation. By directing investment into large-scale social infrastructure projects like this housing development, the national bank is actively fulfilling its responsibility to drive sustainable economic growth. The bank views these initiatives as crucial investments in the future of the country, ensuring that the economic gains from national development are tangible and felt by the public at the household level.

The BML Affordable Housing Project encompasses the development of 1,190 units in Hulhumale Phase II with completion expected by mid-2028.
The initiative functions under a rent-to-own model, aiming for a monthly payment structure of approximately MVR 10,000 for three-bedroom units.
The project is being executed by the Beijing Urban Construction Group as part of a wider effort to provide thousands of homes across the Maldives.
The broader national strategy includes multiple concurrent developments, such as the 1,224 units by China Machinery Engineering Corporation and the 300 units by Rasheed Carpentry and Construction in Vilimale.

The foundation stone for 1,190 housing units under the Bank of Maldives (BML) Affordable Housing Project in Hulhumale' Phase II was laid on Monday evening.

The contract for the construction has been awarded to Beijing Urban Construction Group (BUCG). The inauguration ceremony was attended by Housing Minister Dr. Abdulla Muthalib, senior officials from BML, and representatives of BUCG.

Speaking at the event, BML CEO and Managing Director Mohamed Shareef said the scale and pace of the project is unprecedented in the Maldives. He noted that similar housing projects in the past have taken significantly longer to complete, but the current development is targeted for completion by mid‑2028.

“This pace of work will bring hope, happiness and satisfaction to thousands of Maldivian families; and to us,” Shareef said. He added that the project aims to ensure that every Maldivian in need of housing will have access to a safe, adequate and affordable home.

Shareef also highlighted the link between national economic development and the strength of the banking system, saying it is the responsibility of a national bank to invest in major projects that improve social and economic wellbeing.

Tonight, BML Affordable Home Leasing Company held a groundbreaking ceremony for the development of 1,190 housing units in Hulhumale’ Phase II, in partnership with Beijing Urban Construction Group (BUCG).

This is a significant step forward in the implementation of MMA’s… pic.twitter.com/EHFHtRV1jw
— Bank of Maldives (@bankofmaldives) March 30, 2026

BML Affordable Home Leasing Company; a subsidiary of the bank; is being established to manage 3,260 housing units across Hulhumale' Phases I and II and Vilimale'. The three‑bedroom units will be offered under a rent‑to‑own model, with earlier estimates placing monthly rent at MVR 10,000.

Monday’s ceremony follows a series of foundation‑stone events under the broader BML housing initiative:

1,224 units awarded to China Machinery Engineering Corporation (CMEC); foundation laid on March 21
300 units in Vilimale' awarded to Rasheed Carpentry and Construction (RCC); foundation laid last Thursday
182 units in Phase I awarded to FW Construction; launched on Sunday

These projects form part of one of the largest housing development programmes currently underway in the Maldives.

By Azhaar Abdul Azeez

Writer