President Dr Mohamed Muizzu has officiated the groundbreaking for 300 housing units to be developed in Vilimalé under the Bank of Maldives (BML) Affordable Housing Project. The ceremony was held tonight at the project site in Vilimalé.
The groundbreaking was conducted by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, alongside senior representatives of BML and Rasheed Carpentry and Construction Pvt. Ltd (RCC). Following the ceremony, the President took a commemorative photograph with them.
The project, which entails the construction of three 17-storey towers designed to preserve the greenery of Vilimalé, will be executed by RCC. Each tower will contain three-room apartments of 900 square feet.
The Affordable Housing Project forms part of the Administration's housing policy, aiming to develop 3,260 housing units across Hulhumalé Phase I, Hulhumalé Phase II, and Vilimalé through the BML Affordable Home Leasing scheme. The project follows a lease-to-own framework, facilitating residents' transition to homeownership.
In his Presidential Address of 2026, President Dr Muizzu outlined that the Housing for All policy rests on three pillars: increasing access to real estate for higher-income families, providing affordable housing for middle-income families through bank mortgages, and delivering social housing for families unable to afford homes independently. He further highlighted the Government's efforts to expand the banking sector's participation in affordable housing.
