Work begins on 182 housing units in Hulhumalé
The 182-unit project has been contracted to FW Construction. Each unit will consist of a three-bedroom apartment with an area of 900 square feet.
A groundbreaking ceremony was held on Sunday night to begin construction of 182 housing units in Hulhumalé Phase 1.
The project is being developed by BML Affordable Home Leasing, a subsidiary of the Bank of Maldives. It forms part of a wider programme to develop 3,260 housing units in the Greater Malé Area.
The 182-unit project has been contracted to FW Construction. Each unit will consist of a three-bedroom apartment with an area of 900 square feet.
The project is being implemented under the Inclusive National Affordable Housing Scheme established by the Maldives Monetary Authority.
The ceremony was attended by Minister of Housing, Land and Urban Development Dr Ali Haidar Ahmed.
Speaking at the event, BML Chief Executive Officer and Managing Director Mohamed Shareef said the role of a national bank includes participation in development projects.
He said housing remains a key issue in the Malé region and noted that supply has not kept pace with population growth.
“This project is part of efforts to address the gap between demand and supply of housing,” Shareef said.
He added that the bank considers the project part of its responsibility to support development.
The project is scheduled for completion by mid-2028.
A separate project involving 1,224 housing units in Hulhumalé Phase 2, contracted to China Machinery Engineering Corporation, is also scheduled for completion within the same period.
