Construction of affordable housing units under Bank of Maldives’ (BML) lease-to-own housing programme has reached a new stage, with foundation preparation and concrete casting underway for 182 apartments in Hulhumalé Phase 1.
The work forms part of a 364-unit housing development awarded to Amin Construction under the government’s Housing for All policy, which aims to expand access to affordable homes in the Greater Malé Region.
BML confirmed that concrete works have commenced on the first 182 units, marking progress in one of several housing developments being undertaken through its subsidiary, BML Affordable Home Leasing Company.
The bank said physical construction is now underway on a total of 3,260 affordable housing units across Malé City, with all units scheduled for completion by mid-2028.
The developments are being implemented under the Inclusive National Affordable Housing Scheme, an initiative introduced by the Maldives Monetary Authority (MMA) requiring banks to participate in affordable housing development.
BML became the first financial institution to join the scheme, committing to the construction of residential properties that will be made available through a lease-to-own arrangement.
Under this model, eligible residents will be able to obtain housing through structured lease payments, providing an alternative to conventional home financing.
The bank said the housing units would be allocated with MMA approval and in accordance with Shariah principles.
In an update shared with the media, BML confirmed that construction activities were progressing according to schedule, with the current developments expected to be completed by the middle of 2028.
The bank also announced plans to construct an additional 740 housing units, which would increase its overall affordable housing development commitment to 4,000 apartments.
The construction programme involves a combination of local and international contractors, reflecting the scale of the developments being undertaken.
Maldivian companies Amin Construction, FW Construction and Rasheed Carpentry and Construction (RCC) have been contracted for different components of the housing programme.
International contractors involved in the developments include Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).
The participation of multiple contractors is intended to facilitate construction across different project sites while supporting the government’s wider housing development objectives.
The housing programme comes amid continued demand for affordable residential accommodation in the Greater Malé Region, where population concentration and limited land availability have contributed to longstanding housing challenges.
The government’s Housing for All policy seeks to address these pressures through the development of new residential units and alternative housing financing arrangements.
BML’s lease-to-own initiative represents one of the financial sector’s contributions to the policy, combining housing construction with a financing structure intended to make home ownership more accessible.
With foundation and concrete works now progressing in Hulhumalé Phase 1, the bank said it remains on course to deliver the first 3,260 housing units by mid-2028, alongside its plans for the additional 740 apartments.
