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City Loft opens for sale on the back of rising demand for Thanlyin property

Units of City Loft apartments in Thalyin, Yangon, are now open for sale. Developed by Yoma Land Company, the project targets middle-class buyers.

City Loft will occupy 22 acres of land in the StarCity compound in Thalyin, another project developed by the Yoma Land.

Phase 1 of the project, which is expected to be complete in early 2020, will include units priced between K42 million and K160 million.

Buyers have the option of applying for 25-year mortgage loans involving a 30 percent downpayment. The installments will carry interest rate of 13pc.

One of the notable features of City Loft is option to purchase studio apartments. In fact, the project is the first in Myanmar to feature such units, said Mr Serge Pun, chair of Yoma Land.

City Loft will also offer one and two-bedroom apartment units. A Yangon Bus Service bus-stop and jetty linking Thanlyin to downtown Yangon will be available. Permission has been received to build the jetty, Mr Pun said.

“The first exit when you come down the new Thanlyin Bridge is Star City. A jetty will be built in the near future and we also intend to run a Star Ferry service as well,” Mr Pun said.

“Star Ferry will transport the Star City residences to Pansodan Jetty. It will begin shortly and will be completed in one year. There will be a ferry every 15 to 20 minutes,” he added.

With several upcoming infrastructure projects, demand for property in Thanlyin is expected to rise. Besides the StarCity jetty, road extensions and other infrastructure developments are being carried out in Thanlyin, which is also near Thilawa Special Economic Zone. Construction of a new bridge which will link Yangon, Thaketa township and Thanlyin is also expected to begin soon.

“The northern area of Yangon was expanded in the past but now Thanlyin and Thilawa in the west will undergo rapid development,” said Mr Pun said.

SOURCE: MYANMAR TIMES

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