Thursday, July 27, 2017

Medium-income housing offered on installment plan in Mandalay

The Garden City Apartment Complex will break ground next week with the aim of giving medium-income people the chance to buy a unit, said project director U Zin Min Swe.

Director U Zin Min Swe (left) explains the features of the housing project using a scale model on July 11. Phyo Wai Kyaw / The Myanmar TimesDirector U Zin Min Swe (left) explains the features of the housing project using a scale model on July 11. Phyo Wai Kyaw / The Myanmar Times

Civil servants who are currently working will receive a 5 percent discount and all buyers will be linked up with banks that allow interest-free installment payments over two years, he added.

With 5.533 acres of land and an investment of K39 billion in the project, Mandalay Garden City Construction Company, which is part of New Star Light Construction Company, is leading the project, said U Zin Min Swe.

“The groundbreaking will be on July 16, and construction will be completed in two years. Mandalay has affordable housing from the government on one side, and high-cost housing on the other. So, in order to have something in between, we are building medium-cost housing. This apartment complex will have a facility management team to handle any needs that arise and to make sure that the families living there have a warm and secure environment,” U Zin Min Swe said on July 11.

The Garden City project is part of the Mandalay Industrial and Trade Centre project, located near a six-lane highway in Pyigyitagun township, Mandalay. It will have 15 nine-storey buildings, 690 units and 45 elevators. It will offer 420 two-bedroom units measuring 605 square feet each, 240 three-bedroom units measuring 925sq ft each and 30 three-bedroom penthouses measuring 1210sq ft. It will also have a children’s playground and park, a sports hall, City Mart and convenience stores, restaurants and other buildings, he said.

The ground floors will not be for sold for commercial purposes, but will be reserved for residents who will actually live there and operate businesses such as education classes, barber shops, fashion shops, pharmacies, clinics, grocery stores, phone and food shops, he added.

“The apartments offer a choice of direct payment, a 2-year interest-free installment plan, or a long-term installment plan. For long-term payments, we have linked with KBZ, Shwe, MAB, and CB banks. Civil servants who are currently working will receive a 5pc discount,” said Ma Thet Thet Aung, sales and marketing manager.

With direct payment, a two-bedroom unit will cost K47.85 million, a three-bedroom unit will cost K78 million, and the penthouse K82 million. Using the 2-year interest-free option, a two-bedroom unit will cost K56.3 million, a three-bedroom unit will cost K86 million to K88.8 million, and the penthouse K116.1 million. Under the long-term payment plan, 30pc of the unit’s cost must be made as a down payment. People opting for direct payment will get a 15pc discount, while bank payments will get a 14pc discount,” said Ma Thet Thet Aung.

Prices quoted are for units on the first to fourth floors, but the price will be higher for units on the fifth to eighth floors, added Ma Thet Thet Aung.

The complex will have a pile foundation to withstand earthquakes, and will have a duct chute in every unit, and 24-hour water, electricity and security. A maintenance fee of K60 per square foot will be collected monthly from owners by Mandalay Management Corporation, U Zin Min Swe said.

From the project, the airport is only 30 minutes away, Mingalar Mandalay is 15 minutes, downtown 20 minutes, and Mandalay Industrial Zone and Yatanarpon University are 10 minutes away.

Translation by Kyaw Soe Htet