The foundation stone for 364 flats to be built by BML in Hulhumalé Phase 1 under the government-led project "Housing for All" was laid tonight.
Under the bank's subsidiary company, BML Affordable Home Leasing, the project to build these 364 flats has been awarded to Amin Construction Private Limited. These flats are being constructed on the vacant land located behind the Polco flats in Hulhumalé Phase 1.
The foundation stones for the flats were laid by Minister of Construction Dr. Abdulla Muththalib, BML Chairman Ahmed Ali Habeeb, CEO Mohamed Shareef, and the heads of Amin Construction.
At the ceremony, which was also attended by President Dr. Mohamed Muizzu, Shareef stated that the Ministry of Housing has already arranged the land required for BML to build an additional 540 flats. With this, the bank will build a total of 3,800 flats.
Shareef said the hope is that other banks will also participate in this scheme and conduct 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, flats are being developed in Hulhumalé Phase 1, Phase 3 and Villimalé.
With foundation stones laid for 1,706 units last week and a further 1,190 last night, construction has now begun on a total of 3,260 flats.
BML has stated that the work on all these flats will be completed by mid-2028.
