The government has announced that Bank of Maldives (BML) will construct an additional 710 housing units under the Maldives Monetary Authority (MMA) regulations governing commercial bank investments in housing.
BML is currently developing a total of 3,260 housing units across Hulhumale’ and Villimale’. During a press conference held yesterday, the government spokesperson revealed the decision to add 710 units to the ongoing project.
The spokesperson said that, with the exception of one project, all other developments assigned to BML have been awarded to contractors, and the design phases have been completed.
The bank is undertaking these housing projects through its subsidiary, BML Affordable Home Leasing Company. The projects have been contracted to a mix of local and international firms.
Among the international contractors, two Chinese companies—BUCG and CMEC—have been commissioned to build 1,117 and 1,224 flats, respectively. Local Maldivian companies will be responsible for the construction of the remaining 859 units.
