BML begins construction of 1,224 flats in Hulhumalé Phase 2

The Bank of Maldives (BML) has commenced construction of 1,224 housing units in Hulhumalé Phase 2, with a groundbreaking ceremony held on Saturday night.

The project forms part of a wider plan by BML to develop 3,200 apartments across the Greater Malé Region. The 1,224 units are being constructed under a contract awarded to China Machinery Engineering Corporation (CMEC).

The initiative is aligned with the Inclusive National Affordable Housing Scheme (INAHS), introduced by the Maldives Monetary Authority (MMA).

Speaking at the ceremony, BML Chief Executive Officer Mohamed Shareef said the bank considers the project a national responsibility in addition to a regulatory requirement set by the MMA.

He stated that the project aims to provide housing under the scheme and noted that CMEC has experience in similar developments.

“The commencement of this project marks an important step. We have confidence in CMEC’s expertise and track record,” Shareef said.

He added that the project is scheduled for completion by mid-2028 and expressed confidence that the work will be completed within the set timeframe.

Shareef also said the commencement of projects under the scheme has been supported by the government’s policies under President Dr Mohamed Muizzu.