The Bank of Maldives (BML) has awarded three local companies the contract to build flats under the Maldives Monetary Authority (MMA) rules for commercial banks to invest in housing.

BML Affordable Home Leasing, a subsidiary of BML, had previously awarded two foreign companies the contract to build flats in Hulhumale'. The bank faced criticism for awarding the projects to foreign companies without announcement.

The national bank yesterday (January 27) signed contracts with Rasheed Carpentry and Construction (RCC), FW Construction and Amin Construction for the new flats.

“On completion of these projects, more than 3,200 housing units in Hulhumale' Phase 1, Phase 3 and Villimale' will be allocated at relatively low rents to be owned after payment,” BML said.

BML did not disclose the contract values. Earlier, BML signed agreements with two Chinese companies, Beijing Urban Construction Group (BUCG) and China Machinery Engineering Corporation (CMEC).

In response to questions over awarding the projects to foreign companies, BML said the projects were awarded at control prices fixed by the bank. But the bank did not disclose details.

BUCG was awarded 1,117 flats while CMEC was awarded 1,224 flats. Maldivian companies will build 859 units.

Among the companies, RCC has been awarded multiple high value contracts under the Muizzu administration. Most of the projects were awarded under special rules without going to an open tender. Although the government could not be reached for comment, RCC earlier claimed the company gets selected for its capability and experience.