Developers courted for role in Yangon project

Min Htein, the director general of the Urban and Housing Development Department at the Construction Ministry, said: “According to our master plan, the project includes 49 [18-storey] buildings. The government would greatly benefit from financial input from the private sector.

“Through cooperation with development companies, we will be able to fulfil Yangon’s need for accommodation. We have invited business people to work with us, and so far, negotiations with three companies are under way.”

Min Htein met reporters at the office of the Myanmar Construction Entrepreneur Association on January 21 in Yangon.
The first phase of the project, which involves five 18-storey buildings with more than 2,000 units, was finalised in March 2016. The flats were priced between Ks 60 million (Bt1.5 million) and Ks 120 million.

Units could be paid for in instalments over 10 to 15 years, and more than 320 flats of the Yadana Hninse building in the project have been sold.

Min Htein said the ministry will build 4,000 apartments in Yangon this year. “First the ministry will implement the Aungchantha housing project in Thanlyin Township, which will include low-cost housing. Similarly, Kyansitmin, a low-cost and affordable housing project in Hlaingthaya Township, will be developed. The Kyansitmin housing project is under construction,” he said.

In total, the ministry plans to develop 8,000 homes in the next two years in cooperation with the Yangon Regional government.

Myanmar Construction Entrepreneurs Association chairman Tha Htay said at a property developers’ meeting on January 13 that many residents are living on the street and the city has numerous squatters. Developers told the meeting that Yangon residents needed a great number of low-cost apartments.

The country’s commercial capital is home to some 7 million people, including more than 440,000 unofficial residents, according to the 2014 census results.

Source: Eleven Myanmar

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