BML housing subsidiary targets mid-2028 delivery of affordable flats

The Affordable Home Leasing Company, a subsidiary of the Bank of Maldives (BML), is expected to complete the construction of affordable housing units and begin releasing them to the public by mid-2028, BML Chief Executive Officer and Managing Director Mohamed Shareef said on Saturday.

Shareef made the remarks at the opening of a new BML branch in Kudahuvadhoo. He did not provide further details on the housing projects, stating that they form part of the bank’s broader efforts to improve access to housing.

The Affordable Home Leasing Company announced on Tuesday that it had launched five housing projects.

The projects are being implemented under the Inclusive National Affordable Housing (INAH) scheme, administered by the Maldives Monetary Authority, and have been awarded to selected Maldivian and international contractors following an evaluation process.

The Maldivian companies awarded contracts are Amin Construction, FW Construction, and Rasheed Carpentry and Construction. The international contractors are Beijing Urban Construction Group and China Machinery Engineering Corporation.

According to the bank, upon completion of the projects, more than 3,200 housing units in Hulhumalé Phase I, Hulhumalé Phase III, and Vilimalé will be made available under the scheme.