2 Chinese firms to build 2,341 affordable flats in Hulhumalé

The Affordable Home Leasing Company, established by Bank of Maldives (BML) to develop affordable housing, has signed agreements with two companies to construct more than 2,000 flats in Hulhumalé.

The agreements were signed at a ceremony held on Monday. Under the agreements, housing developments have been awarded to two Chinese companies that have undertaken projects in the Maldives.

The projects are as follows:

According to BML, construction of a total of 2,341 flats is scheduled to begin in January.

BML said the two companies were selected after completing the evaluation process in line with governance and risk standards set under the Inclusive National Affordable Housing Scheme of the Maldives Monetary Authority (MMA).

The bank said the selected companies met financial and technical requirements, had experience in managing international projects, and demonstrated familiarity with the construction sector in the Maldives.

BML said the agreements form part of its implementation of the MMA’s National Housing Project. The initiative is aligned with the MMA’s Inclusive National Affordable Housing (INAH) policy, which requires banks to allocate between 10 per cent and 15 per cent of their total loan portfolio to affordable housing.