Groundbreaking Launched for 300 Affordable Housing Units in Vilimalé

President Dr Mohamed Muizzu has officiated the groundbreaking ceremony for a 300-unit housing project in Vilimalé, developed under the Bank of Maldives (BML) Affordable Housing Project.

The ceremony, held at the project site on Friday evening, was led by Minister of Construction, Housing and Infrastructure Dr Abdulla Muththalib, alongside senior representatives from BML and Rasheed Carpentry and Construction Pvt. Ltd (RCC), the contractor responsible for the project. President Muizzu also met with stakeholders and posed for a commemorative photograph following the event.

The development will consist of three 17-storey residential towers, designed with an emphasis on preserving Vilimalé’s natural greenery. Each tower will include three-bedroom apartments measuring approximately 900 square feet.

This initiative is part of the government’s broader housing strategy to deliver 3,260 housing units across Hulhumalé Phase I, Hulhumalé Phase II, and Vilimalé through the BML Affordable Home Leasing scheme. The program operates on a lease-to-own model, aimed at enabling residents to transition into homeownership.

In his 2026 Presidential Address, President Muizzu outlined that the “Housing for All” policy is built on three key pillars: expanding real estate access for higher-income groups, providing mortgage-backed affordable housing for middle-income families, and ensuring social housing for those unable to independently afford homes. He also emphasized ongoing efforts to increase private sector and banking participation in the housing sector.