Including an additional 540 flats, the national bank, BML, has decided to build a total of 3,800 flats under its housing project, the bank's CEO Mohamed Shareef announced tonight.
Speaking at the foundation stone laying ceremony for 364 flats being built in Hulhumalé Phase 1 by Amin Construction under the government's housing policy, Shareef stated that the Ministry of Housing has now arranged the land required to build an additional 540 flats under the project.
“Tonight, I want to share some positive news. Taking into account the housing situation, the housing ministry has allocated land for additional units under the BML affordable home leasing scheme, in line with the established criteria,” he said.
"In this regard, we have decided to establish an additional 540 units. Our target is to award this work to a capable Maldivian company or companies that can complete this work before the year 2028."
With that, Shareef stated that BML's subsidiary company, BML Affordable Home Leasing, will build a total of 3,800 flats in the Malé region.
MIB customers can also purchase flats
Shareef stated that the Maldives Islamic Bank (MIB) has noted that they will arrange financing at the affordable rates determined in this scheme for MIB customers for these flats being built by BML Affordable Home Leasing within the MMA's Affordable Housing Scheme regulations.
Shareef said the hope is that other banks will also participate in this scheme and run housing projects in the future, estimating that a total of 5,000 flats could be built by then. Under the government's affordable housing scheme, these flats are being built in Hulhumalé Phase 1, Phase 3, and Villimalé. With 1,706 flats last week and 1,190 flats last night, the foundation stones for a total of 3,260 flats have been laid so far.
BML has stated that the work on all these flats will be completed by mid-2028.
