The Bank of Maldives (BML) has said it awarded foreign companies to build housing units based on experience under the Maldives Monetary Authority (MMA) rules to allow commercial banks to invest in housing.

BML Affordable Home Leasing Company, a subsidiary of BML, awarded two projects in Hulhumale' to foreign companies based on their financial capacity and experience, the bank said.

The projects were awarded to foreign companies at controlled prices fixed by the bank and the companies have the technical and financial capacity to complete the works quickly without interruption, BML said.

BML refused to comment when Adhadhu contacted the bank to get the contract values.

BML awarded the contracts to Beijing Urban Construction Group (BUCG) and China Machine Engineering Corporation (CMEC) on December 29.

BUCG was awarded 1,117 flats while CMEC was awarded 1,224 flats. Both companies belong to China.

The two companies were expected to start the project this month, but the work has not yet started.

The Housing Ministry has signed an agreement with BML to build 3,000 housing units. Of these, 2,341 flats have been handed over so far. Some of the flats will be handed over to local companies, BML said.