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

Chief Government Spokesperson Mohamed Hussain Shareef (Mundhu) announced this during Saturday’s Presser with the Spox series. 

Mundhu explained that BML has the capacity to expand the project and has therefore chosen to increase the number of units. He mentioned that the concept designs for all but one of the social housing projects awarded through BML have now been finalized, with most projects already handed over to contractors. Construction is currently in its early stages. 

Regarding broader economic considerations, the spokesperson said that while the government appreciates the advice of financial institutions, it cannot halt essential public services in the pursuit of development at the necessary pace.

“Economic activities must continue while strengthening the country’s finances. While financial institutions will naturally focus on their accounts, the government will proceed with a balanced approach,” he stated.

BML CEO and Managing Director Mohamed Shareef previously indicated that the rent for the affordable housing units is expected to be around MVR 10,000. He also noted that all contractors have agreed to complete the apartments by mid-2028. The main goal of the Housing Ministry and BML is to provide housing at the lowest possible cost for the designated low-income groups.