Yangon Low-Cost Apartments to Be Sold Next Month

Apartments in five low-cost housing projects will be sold based on a drawing-lots system at the Office of Urban and Housing Development Department on September 2, U Nway Hmu, deputy director of the housing development division under the Urban and Housing Development Department, told The Myanmar Times on August 28.

991 apartments from housing projects located in Dagon Seikan and Hlaing Thar Yar townships will be sold.

“Therefore, we will sell apartments on a drawing-lots system – people can choose the project but not the apartments,” U Nway Hmu said.

Low-cost apartments will be sold to those who really need them, who can pay back bank loans on a monthly basis and who get more than K500,000 income per month, he said.

Some buildings do not have electricity or water utilities installed. Potential buyers can apply to have the facilities in place.

The buildings are four storeys and the ground floor is priced at K12 million. Prices increase by about K1 million per floor – the top-most floor is K9 million. Selling these apartments is very convenient for retired government staff, according to Daw Hla Hla Aye, who had received a permit to buy.

“It is not easy to own a house which is worth K10 million in Yangon. The apartment is enough for our three family members to reside in,” she said.

The people who want to buy the apartments will have to contact the Construction and Housing Development Bank and pay a 30pc down payment. Upon receiving a permit, the bank will give a loan with a 13pc interest rate.

Then, after receiving an official stay permit, buyers must pay the remaining 70pc of the bank loan and interest on instalments within 10 years.

These housings were constructed in 2015. Current selling apartments are from Yuzana’s low-cost housing projects phase 1 and 2, Kanaung low-cost housing project in Dagon Seikkan township, Shwe lin Pan low-cost housing projects 2 and 3 in Hlaing Thar Yar township, according to Urban and Housing Development Department.

It is estimated that more than one million houses will be needed in Yangon by 2040 and the Housing Department plans to supply 20pc of that demand. The rest will be implemented by the private sector, U Nway Hmu said.

 

Source: The Myanmar Times

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