The Infrastructure of Myanmar Company is planning to build a low-priced housing project in Mogok township, Mandalay Region, says company chair U Than Oo.
The project, which includes 80 five-storey buildings with a total of 2560 apartments, will be built on a 23-acre privately owned plot in Yaypu village, aiming to help residents own their own homes.
Units are to be sold either for upfront cash or under a K30,000 a month instalment plan over a period of 30 years.
According to an agreement signed on November 2, Golden Butterfly Company, the landowner, will hold a 20 percent share, with 80pc going to the developer.
“We still need to report it to the regional government even though the land is privately owned. It is expected to take about two years to complete the project, which will start as soon as we receive the green light from the authorities,” said U Than Oo, adding that the company would submit its proposal as soon as possible.
“Our company owner pursued this project because he wants Mogok residents who can’t afford a house to have their own home,” said Golden Butterfly’s assistant manager, U Maung Maung Lwin.
Of the 600-square-foot apartments, 30pc are reserved for low-cost housing buyers, while 40pc will go to civil servants, and the rest will be sold at the discretion of the company.
In addition to the 20 acres devoted to residential buildings, the project also includes a shopping centre and gems shops.
The price of an apartment is likely to be K8 million for an upfront payment and K10.8 million under the 30-year instalment plan.
“We haven’t received their application yet. If they do, there is no reason to deny it,” an official from Mandalay Region government told The Myanmar Times on November 3.
Found in 2013, Infrastructure of Myanmar has also received approval to launch another low-cost housing project on 20 acres of land near Hpa-an industrial zone in Kayin State.
Source: Myanmar Times