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Yoma Land targets middle-income buyers with new property project in Yangon

Yoma Land this month introduced a new real estate project targeted at middle-income earners.

The firm, an umbrella branch of Yoma Strategic and First Myanmar Investment Company, on December 21 launched City Loft, a new property project targeting young working professionals.

The property will be developed in phases at a 22-acre site within Yoma’s Star City with 2000 units planned. The first phase will have 250 apartments and the second will have 315, with the homes expected to be complete in 2020.

The units include Myanmar’s first studio apartment as well one-bedroom, two-bedroom, and three-bedroom apartments. Prices range from K42 million to K160 million per unit.

Buyers will have to pay a 30 percent deposit and repay the remaining 70pc under a 25-year repayment plan provided by Yoma Bank, with interest rates set in accordance with the Central Bank of Myanmar.

The 30pc deposit does not need to be paid in a single lump sum. Borrowers can opt to pay 10pc during the signing of the purchase agreement, 10pc after one year and the remaining when the unit is completed.

Serge Pun, executive chairman of Yoma, said that the firm’s “favourable mortgage and deposit arrangements” will change the housing market, which traditionally has been out of reach for middle-income professionals.”

Working professionals earning between K800,000 and K900,000 monthly will be able to own homes by paying K400,000 after the deposit, he said.

Mr Pun said the firm has not set an amount on how much it will be investing into City Loft as it plans to continue constructing depending on market demand.

The residential project will also include commercial, recreational, and social facilities as well as a Yangon Bus Service terminal. A permit has been obtained to construct a jetty by 2020 for the Yangon Water Bus.

Sales of City Loft units will be open to public in January 2019.

SOURCE: MYANMAR TIMES

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