President Dr Mohamed Muizzu has officiated the launch of a new 182-unit affordable housing project in Hulhumalé Phase 1, reinforcing the administration’s push to address the Maldives’ housing shortage under its flagship “Housing for All” policy.
The project, implemented through BML Affordable Leasing Pvt Ltd, a subsidiary of Bank of Maldives, marks another phase in the government’s expanding housing programme aimed at increasing home ownership through accessible financing models.
The foundation stone was laid by Minister of Construction, Housing and Infrastructure Dr. Abdulla Muththalib, alongside senior officials from the bank and contractor FW Construction Company Private Limited. President Muizzu attended the ceremony and joined dignitaries for a commemorative segment.
The Hulhumalé Phase 1 development will consist of 182 three-bedroom apartments, each measuring approximately 900 square feet, designed to meet growing urban housing demand in the Greater Malé region.
Authorities confirmed the units fall under the government’s lease-to-own housing scheme, allowing beneficiaries to transition into full ownership through manageable monthly payments. The broader initiative targets the construction of 3,260 housing units across Hulhumalé Phase 1, Hulhumalé Phase 2, and Villingili, with completion scheduled for August 2028.
The latest groundbreaking follows a series of housing launches this month, including 1,224 units in Hulhumalé Phase 2 being developed by China Machinery Engineering Corporation, and 300 units in Villingili awarded to Rasheed Carpentry and Construction Private Limited.
In his 2026 Presidential Address, Muizzu underscored that resolving housing challenges remains central to long-term social stability and national development, pledging that every Maldivian family would be provided with a home under his administration.
