Property developer Shwe Taung Real Estate has signed an agreement with AYA Bank to provide mortgages for two high-end condo projects in Yangon.
Under the deal, buyers will be able to get 15-year mortgages for apartments at the Hilltop Vista Condominium and Crystal Residences projects in Yangon.
It is the longest period available for a mortgage in Myanmar’s real estate sector and buyers will have to make a 40 percent down payment to be eligible for the loan.
Prices for the apartments range from K300 million (roughly $290,000) to K700 million, said Daw Mi Mi Khaing, CEO of Shwe Taung Real Estate. The interest rate on the loan will be 13 percent per year but is variable, she added.
The Hilltop Vista Condominium, on Min Ye Kyaw Zwar street in Lanmadaw township, has 241 apartments, while the Crystal Residence, near Junction Square shopping centre in Sanchaung, will offer 261 apartments and a rooftop pool when finished.
The deal with AYA Bank only applies to these two projects, but the company is hoping to be able to offer a similar scheme for its other projects, Daw Mi Mi Khaing said.
A report by the real estate consultancy Colliers last September said the industry was suffering from a glut of apartments in the luxury and high-end sectors, where prices top $500,000.
It said it expected to see rising demand in the mid to upper segments, and encouraged developers to offer more flexible payment options and more creative marketing strategies to boost sales.
Source: Myanmar Business Today
;
To see more of our client click