Affordable housing sold in installments

Affordable housing being built in Mandalay by the Ministry of Construction will be sold using an installment system, according to U Kyaw Kyaw Lwin, head of the Department of Human Settlement and Housing Development.

Installments will be due over a four-year period, and the system is being used to make the housing more affordable, he said.

The price has not yet been revealed, but U Kyaw Kyaw Lwin said he has proposed a price to the Department’s head office.

The development is located in Mya Yi Nandar Ward of Chanmyathazi township in Mandalay.

The large-scale project is being built by the ministry’s Special Construction Group (6) and seven private companies. The project began in July, and is set to include 27 buildings of four storeys. Each storey will have four units measuring 650 square feet.

“We have ordered construction to be completed in April,” said U Kyaw Kyaw Lwin. “They shall transfer the buildings to the department in May. After that, we will sell them to those who have real difficult in owning a residence.”

The department has a number of other construction projects planned, including a 22-building development in the same ward as the current project, with a total of 880 units planned.

“The head office’s planning department has nominated some tender applicants,” he said. “The buildings will be built in May after the tender winner has been confirmed.”

Source: Myanmar Times

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Dagon City", “MOGE”, “yangon stock exchange”,"MECTEL", "hydropower", etc.

To learn about the business opportunities in Myanmar click here

To evaluate the various segments of the market that you could possibly enter base on your competencies you can do a Custom Market Entry Strategy Research. You can see a sample report at page "Actual Sample of Client Report”. Click here to go to page.

Do you know that IE Singapore is giving up to SGD 20,000 support for Singapore company to venture into Myanmar? To learn more click here

If you are interested to be listed in our Service Provider Directory as a supplier of services or products that we can use to match with the needs of our clients in Myanmar please fill up the online form by clicking here