Government adds 710 more housing units to the 3260 unit project contracted through BML

The government has decided to add an additional 710 housing units to the 3,260 units awarded to the Bank of Maldives (BML) for construction in Hulhumale' Phase I, Phase II and Vilimale'.

The announcement was made by Chief Government Spokesperson Mohamed Hussain Shareef (Mundhu) at Saturday’s edition of the Presser with the Spox series.

Mundhu said BML had the capacity to expand the project and had therefore decided to increase the number of units. He noted that concept designs for all but one of the social housing projects awarded through BML have now been completed, and that most projects have already been handed over to contractors. Physical works are currently in their early stages, he said.

Addressing broader economic considerations, the spokesperson said the government values the advice of financial institutions but cannot halt essential public services while pursuing development at the required pace.

“Economic work must continue while strengthening the country’s finances. While financial institutions will naturally focus on the accounts, the government will move forward with balance,” he said.

BML CEO and Managing Director Mohamed Shareef has previously stated that rent for the affordable housing units is expected to be around MVR 10,000. He also said all contractors have agreed to complete the flats by mid‑2028. The main objective of the Housing Ministry and BML, he said, is to deliver housing at the lowest possible price to the category of people designated for affordable units.