President Mohamed Muizzu has attended the groundbreaking ceremony for 1,224 housing units in Hulhumale’, marking a significant step in the Affordable Housing Project initiated by the Bank of Maldives (BML) under the Administration’s strategic housing policy.
The ceremony took place at the Hulhumale’ Phase II site managed by China Machinery Engineering Corporation (CMEC), the project contractor. The President was accompanied by First Lady Sajidha Mohamed, alongside Cabinet Ministers and senior officials from CMEC and BML.
The official groundbreaking was carried out by Minister of Construction, Housing and Infrastructure Abdulla Muththalib, Ambassador of the People’s Republic of China to the Maldives His Excellency Kong Xianhua, and senior representatives from both BML and CMEC. President Dr Muizzu later joined the officials for a commemorative photograph.
The Affordable Housing Project is part of the Administration’s broader plan to develop more than 3,000 housing units across Hulhumale’ Phase I, Hulhumale’ Phase II, and Vilimale’. Under the BML Affordable Home Leasing scheme, a total of 3,260 housing units are planned across these locations. The initiative follows a lease-to-own model, aimed at providing residents with a clear pathway to homeownership.
In his Presidential Address of 2026, President Dr Muizzu stated that the Housing for All (Boahiyaavahikan Enmenah) policy is built on three key pillars: expanding access to real estate for higher-income families, delivering affordable housing for middle-income groups through bank mortgage schemes, and ensuring social housing for families who are unable to afford homes independently. He also highlighted ongoing Government efforts to increase the participation of the banking sector in affordable housing initiatives.