A 24-storey high-end condominium bloc called Royal Sayarsan will be built at Sayarsan Road in Bahan Township with plans for 60 per cent local ownership, according to a press conference on Saturday.
The condo will have 164 flats and more than 50 have been pre-ordered before the official sale opens. This includes an order for eight flats from a single person.
Kyaw Min Zin, managing director of Min Zin Agency Co Ltd, who is in charge of promoting the project, said: “The condo is planned with a 40/60 foreign and local ownership ratio. We can’t disclose the exact amount. The prices range from Ks 340,000 to 390,000 [US$340-390] per square feet. There’ll be a discount soon.”
The condo will be built on a half-an-acre-wide, 90-year grant-land from late this year and is due to be completed in December 2018.
“Speaking of investment, there is the landowner and project owner. This is not a foreign investment. The local ownership ratio is larger and 30-40 per cent foreign investment comes from Hong Kong,” Kyaw Min Zin said.
The tenure of the grant-land would need to be extended when it expired, he said. “It is up to the government whether we get a 60- or 90-year extension,” Kyaw Min Zin said.
Investors in the condo are Than Htike Lu Mining and Construction Company, Linyi Construction Company from local and Chinese-based Chang Geng Environmental Construction Company and Hong Kong-based HK City Sunshine Company.
Source: ELEVEN MYANMAR