Apartments in the Shwelinpan low-cost housing project in Hlaingthaya Township will be sold by end of June, according to Department of Human Resettlement and Housing Development.
The project so far has ten buildings, each four storeys high with six apartments per floor, comprising of 468 square feet each. Prices range from US$13,000 and U$12,500 and civil servants will be prioritised through an instalment system.
“Selling of apartments is planned through the housing and development bank of the Department of Human Resettlement and Housing Development. Initial payment is 30 percent as and the rest will be paid in instalments,” according to a responsible person from the Ministry of Construction.
The Shwelinpan low-cost housing project is located on Kyan-sit-thar road, Hlaingthaya Township, north of Shwelinpan creek. The project sits on 20 acres and the area had been divided into four parts for construction.
The demand for affordable housing has been growing exponentially in Yangon to meet a growing population that seeks better opportunities. However, economic reforms have brought in more foreign investment, leading to soaring land prices and speculation and a higher cost of living as wages remain low.
Source: ELEVEN Myanmar