Some Gov’t Housing Projects May be Rent-to-Own

A total of 1,864 apartments from affordable housing projects will be leased as rental units, said the Department of Human Settlement and Housing Development.

The majority of low-income people cannot afford the price of low-cost apartments and even cannot pay the required down payment of 30 percent.

“For low-income people, we will implement a rental service and we have proposed this to the government. The authorities haven’t replied to us yet,” U Yu Khine, director of the Department, told Myanmar Business Today.

The rent for an apartment worth K12 million will be K50,000 per month and the price of the apartment will be paid in 20 years, the Department announced.

“They only need to pay monthly rent and they can stay in the apartment. After 20 years they will be the owner of the apartment. Also they can own the apartment anytime if they come up with the full payment,” U Yu Kine said, while explaining the program.

A total of 864 apartments from Yuzana ward (94) affordable housing and 1,000 apartments from No.(1) Shwe Lin Ban affordable housing were presented to government to convert to rental units.

Currently, 10 affordable housing projects are being implemented in Yangon region under the Ministry of Construction.

Source: Myanmar Business Today

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