AYA Bank Offers 15-Year Mortgages for High-End Condo Projects

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

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