Five Maldivian-Owned Developers Awarded Contracts for 1,000 Hulhumalé Flats
- Five Maldivian-owned developers awarded contracts to build 1,000 affordable flats in Hulhumalé Phase III within 30 months.
- This is the first project under the government's Housing for All policy, targeting middle-income families with bank-financed options.
- Two-bedroom flats capped at MVR 1.8 million and three-bedroom at MVR 2.3 million for eligible applicants.
Five Maldivian-owned developers have been awarded contracts to construct 1,000 affordable housing units in Hulhumalé Phase III, marking the first project initiated under the government’s Housing for All policy.
The Housing Ministry said each developer had been allocated one plot, with construction expected to be completed within 30 months. The selected developers are SJ Construction Pvt Ltd, Amin Construction Pvt Ltd, Rasheed Carpentry and Construction Pvt Ltd, and two joint ventures.
One joint venture comprises One Reality Pvt Ltd and Maldives Medtech Pvt Ltd. The other consists of Flexx Link Pvt Ltd, OXRO Pvt Ltd, Solex Pvt Ltd and VA Builds Pvt Ltd.
The project is intended to provide bank-financed housing options for middle-income families. The flats will be sold to eligible applicants who submitted forms under the government’s Family Housing programme.
Selling prices will be capped at MVR 1.8 million for a two-bedroom apartment and MVR 2.3 million for a three-bedroom apartment, according to the ministry.
The government introduced its Housing for All policy in November 2025 and opened applications in January for 7,900 flats and 15,000 land plots. BML Affordable Home Leasing Pvt Ltd, a subsidiary of Bank of Maldives, has separately been contracted to develop 3,000 flats under the programme.
