This milestone marks a significant step forward in the implementation of the MMA-mandated national housing initiative, which requires commercial banks to channel 10%–15% of their lending portfolio towards affordable housing solutions aimed at expanding home ownership opportunities for Maldivians.
BML
The Bank of Maldives (BML) Affordable Home Leasing Company Pvt Ltd, a wholly owned subsidiary of the Bank of Maldives established specifically to deliver the objectives of the Maldives Monetary Authority’s (MMA) Inclusive National Affordable Housing Scheme (INAH), today announced the award of major construction contracts to commence the development of new affordable housing units in Hulhumalé. Construction works will commence in January 2026.
This milestone marks a significant step forward in the implementation of the MMA-mandated national housing initiative, which requires commercial banks to channel 10%–15% of their lending portfolio towards affordable housing solutions aimed at expanding home ownership opportunities for Maldivians.
As part of this effort, BML Affordable Home Leasing Company has formally engaged two internationally renowned construction firms to develop multiple residential plots in Hulhumalé, ensuring the timely and high-quality delivery of housing under the INAH framework.
Beijing Urban Construction Group (BUCG)
BUCG has been awarded the contract to develop 1,117 affordable housing units across four plots in Hulhumalé’s Zone 2, covering a total land area of approximately 13,475 square meters. With extensive international experience, BUCG has previously delivered major national infrastructure projects in the Maldives, including critical upgrades to Velana International Airport’s primary runway, demonstrating its capability to execute large-scale, complex developments.
China Machinery Engineering Corporation (CMEC)
CMEC has been awarded the contract to construct 1,224 affordable housing units in Hulhumalé. The company has a strong track record in residential developments in the Maldives, having successfully completed the Vinares Housing Project, and is currently undertaking key infrastructure works in Gulhifalhu and Hulhumalé’s Phase III.
The contractors were selected following a rigorous evaluation process aligned with the governance and risk standards established under the MMA’s Inclusive National Affordable Housing Scheme. Both firms demonstrate strong financial capacity, international project management expertise, and a proven understanding of the Maldivian construction environment.
BML Affordable Home Leasing Company was established as a dedicated vehicle to operationalise the MMA’s INAH policy mandate and the company operates with full approval of the MMA and in strict adherence to Shari’ah principles, reinforcing its commitment.
Through this initiative, the Bank of Maldives and its subsidiary reaffirm their commitment to supporting national housing priorities and expanding access to affordable home ownership, in line with the MMA’s vision of a more inclusive and resilient financial system.
