Bank of Maldives (BML) CEO and Managing Director Mohamed Shareef says the bank is committed to delivering the newly launched 3,000-unit affordable housing project at an accelerated pace, reaffirming BML’s role as a fast and reliable national institution.
Speaking at the ceremony where the government officially handed over land to the bank’s housing subsidiary, Shareef described BML as “a very fast delivery bank” and said the institution takes its responsibility in major national projects — whether government-led or privately initiated — extremely seriously.
“The National Bank is a very fast delivery bank. In such important projects of the country, whether it is private or government initiated, we are looking closely at the role of the bank as one that serves the entire public,” Shareef said.
“If it means providing more services to our customers and more value to our shareholders, the bank will take the initiative very soon. So this housing project, like other things, will be completed at a very fast pace.”
The remarks come as the government moves ahead with its plan to construct 3,000 affordable housing units through BML’s newly established subsidiary, BML Affordable Home Leasing Pvt Ltd, created under Maldives Monetary Authority (MMA) guidelines to finance and execute the project.
Project Breakdown
Under the scheme:
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300 housing units will be developed in Vilimalé
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2,700 units will be constructed across Hulhumalé Phase I and Phase II
The initiative forms part of the National Housing Affordability and Accessibility Project, approved by the Cabinet last month to expand access to affordable housing. The scheme introduces a lease-to-own model, allowing ordinary citizens to eventually own their units through long-term rental payments.
The government also announced that the land handover marks the beginning of the development phase, with full implementation to be handled by BML’s housing subsidiary.
Shareef emphasised that by centralising development under a specialised company, total land, financing, and construction costs would decrease — ultimately reducing rental prices for future occupants.
