Yangon residents key for first Taunggyi high rise condo

Condo fever may have spread all the way to remote Taunggyi, but residents of the Shan State capital seem resistant – most of the interest in the 16-storey high-rise is coming from Yangon residents, says the site’s developer.

Nan Htike Shwe Sin Condo, claiming to be the first international-standard apartment block in Taunggyi, is being built by Nan Htike Shwe Sin Construction.

Yangon residents are much more interested than locals, says developer U San Lin.

“Taunggyi people live in their houses, and aren’t attuned to condo culture. This condo is selling for less than half the Yangon price, so Yangon buyers are interested,” he said.

The price per square foot ranges from K110,000 to K125,000, with 30 percent payable in the first three months, and the remaining 65pc in instalments by December 2015. Buyers will receive the key to the door after a final 5pc payment on December 31.

The development is located at the corner of Mahabandoola and Thida roads, Nyaungshwe Hawkone township, on a 10,000 square-foot freehold plot.

Eight floors have already been built, and units will soon be put on sale by instalment in Taunggyi, Yangon, Mandalay and other cities, said Ko Kyaw Min Zin, director of the Min Zin Agency responsible for marketing.

“So far we’ve sold only 12 units. We launched in Taunggyi, and will launch in Yangon at the Second Housing and Living expo in Tatmadaw Hall from December 13 to 16,” he said. Launching the sales process once the building is half completed reduces the waiting period for the customer, he said.

Once the proposed condo law is enacted, owners will receive the grant because the developer and the landowner is the same, said Ko Kyaw Min Zin.

The 48 units in the development range from 1770 to 2170sqft, with four units to each floor.

Developer U San Lin said, “I built this condo so Shan people living in Yangon could buy a place in their home town, and to raise standards in Taunggyi.”

The condo complex features two swimming pools, gym, sauna, golf driving range, barbecue site, spaces for private parties and sky garden. It was designed by Singapore architects Vista to resist earthquakes up to level 8 on the Richter scale, incorporating systems for power emergencies and fires, and with basement parking.

The ground and first floors will house offices, a bank and showrooms. “One investor will open a minimarket,” said Ko Kyaw Min Zin.


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