BML Affordable Home Leasing Company Pvt Ltd, a wholly owned subsidiary of Bank of Maldives, has awarded major construction contracts to kick off large-scale affordable housing developments in Hulhumalé’, with construction scheduled to begin in January 2026.
The project forms part of the Maldives Monetary Authority’s Inclusive National Affordable Housing Scheme (INAH), a national policy framework that mandates commercial banks to allocate between 10 and 15 percent of their lending portfolios toward affordable housing solutions aimed at widening home ownership among Maldivians.
The contract awards mark a key implementation milestone for the MMA-driven housing programme, translating regulatory policy into on-ground residential development.
International Contractors Secured for Hulhumalé’ Plots
To deliver the housing units under the INAH framework, BML Affordable Home Leasing Company has engaged two internationally established construction firms following a competitive and rigorous evaluation process aligned with MMA governance and risk standards.
Beijing Urban Construction Group (BUCG) has been awarded the contract to develop 1,117 affordable housing units across four plots in Hulhumalé’ Zone 2, covering a combined land area of approximately 13,475 square metres. BUCG is no stranger to the Maldivian construction sector, having previously delivered high-profile national infrastructure projects, including critical upgrades to the primary runway at Velana International Airport.
China Machinery Engineering Corporation (CMEC) will construct 1,224 affordable housing units in Hulhumalé’. The company has a proven residential track record in the Maldives, having completed the Vinares Housing Project, and is currently engaged in major infrastructure works in Gulhifalhu and Hulhumalé’ Phase III.
Both contractors were selected based on their financial capacity, international project management experience, and demonstrated familiarity with the Maldivian regulatory and construction environment.
Shari’ah-Compliant Vehicle for National Housing Policy
BML Affordable Home Leasing Company was established specifically to operationalise the MMA’s INAH policy mandate and operates with full approval of the . The company functions in strict adherence to Shari’ah principles, reinforcing its commitment to ethical and inclusive financing.
Through the Hulhumalé’ developments, the Bank of Maldives and its subsidiary are positioning affordable housing as a core pillar of national financial inclusion, while supporting the MMA’s broader objective of building a more resilient and socially responsive financial system.
The projects are expected to significantly expand the supply of affordable homes in Hulhumalé’, contributing to long-term housing stability and ownership opportunities for Maldivian families.
