President Mohamed Muizzu last night officiated the groundbreaking of a 300-unit housing project in Vilimalé under the Bank of Maldives (BML) Affordable Housing scheme, reinforcing the administration’s push to expand homeownership in the Greater Malé region.
The ceremony, held at the project site, was led by Minister of Construction, Housing and Infrastructure , alongside senior representatives from BML and contractor Rasheed Carpentry and Construction Pvt. Ltd (RCC). The President joined officials for a commemorative photograph following the launch.
The Vilimalé development will comprise three 17-storey residential towers, each featuring three-bedroom apartments of approximately 900 square feet. The project has been designed to preserve the island’s natural greenery while delivering modern, high-density housing for middle-income families.
The launch comes shortly after the administration commenced a major BML Affordable Housing project in Hulhumalé Phase II, where more than 1,200 housing units are being developed under the same lease-to-own framework. Both projects form part of a nationwide plan to deliver 3,260 housing units across Hulhumalé and Vilimalé.
The BML Affordable Home Leasing scheme enables residents to transition into full homeownership through structured lease payments, reducing upfront financial barriers.
Housing remains a cornerstone of President Muizzu’s policy agenda. In his 2026 Presidential Address, he outlined a three-pillar “Housing for All” strategy aimed at widening property access for higher-income groups, expanding mortgage-backed options for middle-income families, and providing social housing for those unable to afford homes independently.
The government has also prioritised increased participation from the banking sector to accelerate housing delivery, positioning developments in Vilimalé and Hulhumalé as critical to addressing long-standing housing shortages in the capital region.
