BML Affordable Home Leasing Company Pvt Ltd has officially commenced construction on five large-scale affordable housing projects, marking a significant step forward in the Maldives’ national housing agenda.
The milestone was commemorated at a groundbreaking ceremony held in Hulhumalé, underscoring tangible progress under the Maldives Monetary Authority’s Inclusive National Affordable Housing Scheme (INAH). The event brought together senior government and banking sector leaders, including Construction, Housing and Infrastructure Minister Dr Abdulla Muththalib, Bank of Maldives Chairperson Ahmed Ali Habeeb, and Bank of Maldives CEO and Managing Director Mohamed Shareef.
The five projects are being delivered through a combination of local and international contractors selected via a rigorous evaluation process in line with governance, risk, and compliance standards set by the INAH framework. Local firms Amin Construction Pvt Ltd, FW Construction Pvt Ltd, and Rasheed Carpentry Construction Pvt Ltd have been awarded contracts alongside international companies Beijing Urban Construction Group and China Machinery Engineering Corporation.
Once completed, the developments will collectively deliver more than 3,200 affordable housing units across Hulhumalé Phase 1, Hulhumalé Phase 3, and Vilimalé. The homes will be offered under a lease-to-own model, a structure designed to expand access to home ownership while easing the financial burden on households.
The projects form a central pillar of the Maldives’ broader effort to address long-standing housing shortages in high-demand urban areas, particularly within the Greater Malé Region. By aligning financial sector participation with national development priorities, the initiative also reflects the regulator’s push toward a more inclusive and resilient financial system.
Through the launch of these projects, Bank of Maldives and its affordable housing arm have reaffirmed their commitment to strengthening local industry participation, supporting sustainable urban development, and accelerating the delivery of accessible housing solutions for Maldivian families.
