President Dr Mohamed Muizzu has officiated the groundbreaking and commencement of works for 364 housing units to be developed in Hulhumalé Phase I under the Bank of Maldives (BML) Affordable Housing Project.
Held at the project site of contractor AMIN Construction Pvt. Ltd., the groundbreaking ceremony was conducted by the Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, alongside senior representatives of BML and AMIN Construction Pvt. Ltd. Following the ceremony, the President took a commemorative photograph with them.
Implemented by BML’s subsidiary, BML Affordable Leasing Pvt. Ltd., the project is part of the Administration’s “Housing for All” policy. It follows a lease-to-own framework, facilitating residents’ transition to homeownership.
With tonight’s groundbreaking, separate developments under the scheme have now commenced physical works, towards the delivery of 3,260 housing units, across Hulhumalé Phase I, Hulhumalé Phase II and Vilimalé.
At the ceremony, BML announced its decision to develop an additional 540 housing units under the project, bringing the total to 3,800 units. Practical completion is scheduled before the end of 2028.