BML plans 540 additional flats in Hulhumale‘

The Bank of Maldives (BML) has been allocated land for the construction of 540 housing units under its housing project, BML Managing Director and Chief Executive Officer Mohamed Shareef said Tuesday. 

He made the statement at the foundation stone laying ceremony for 364 housing units to be developed in Hulhumale’ Phase 1. He said that 3,260 housing units have been constructed so far.

Shareef said developers have the option to develop and sell flats at a price set by the government. He said this would allow families seeking housing to obtain units.

He said the Housing Ministry has allocated land for additional units under BML Affordable Home Leasing. He said a decision has been made to establish 540 more units.

Shareef said the work will be awarded to a Maldivian company, with a target to complete the flats before the end of the project period.

He said the total number of units under BML Affordable Home Leasing will reach 3,800.

Shareef said the Maldives Islamic Bank (MIB) will provide finance to customers for units developed by BML under the Inclusive National Affordable Housing Rules introduced by the central bank.

He said other banks may take part in the scheme in the future. He said participation could increase the number of units to 5,000.

Shareef said BML will invest MVR 5.7 billion in the housing units. He said the construction sector is expected to contribute 3 per cent to gross domestic product.

The housing units under the BML scheme will be built in Hulhumale’ Phase 1, Phase 2 and Vilimale’.