Monday, July 24, 2017

Bo Ba Htoo affordable housing on sale

The construction of the second phase of Bo Ba Htoo affordable housing project has begun. Units are now available for purchase from May 2 to June 2, according to the Department of Engineering at the Yangon City Development Committee (YCDC).

The Bo Ba Htoo affordable housing project, developed by the YCDC back in 2014-15 fiscal year, has already sold out its units in phase one.

 “The second phase is still in construction but we will start selling application forms and people who want to buy units can get the forms and apply for purchasing units.

“Previously, we sold units through a lucky-draw system because demands were higher than supplies. But now, we don’t know which system to use because we have to wait for the decision from the regional government,” said U Nay Win, deputy director of the Engineering Department (Building) at Yangon City Development Committee.

Located on Bomhu Ba Htoo road at North Dagon township, the project’s second-phase will feature 27 eight-storey buildings with four-room units, totalling 864 units.

There are four types of rooms available, categorised in terms of size. 927-square feet rooms cost K37.7 million, 877-square feet rooms cost K35.9 million, 614-square feet rooms cost K28.5 million and 565-square feet rooms cost K26.7 million.

The department will implement unit sales through both instalment plans and bank loans. However, bank loans will only cover at most four years.

Sales are accessible to the civil service, government employees and employees in the private sector, but not without pre-requisites. Government staffers are required to have 20 years of work experience and company staffers must make K300,000 per month minimum and be able to present proof of their income.

Upon agreement to purchase, customers are required to make a down payment of 30 percent of two months’ rent. And buyers do not have the option to sell back purchased units within five years of purchase.

The second phase project will take about three years to complete so the construction will be finished in 2018.

Under the previous government, the YCDC received a budget to carry out affordable housing which then led to the implementation of two projects: Bo Ba Htoo and Bo Min Yaung in North Dagon township.