Thursday, July 27, 2017

1,000 low-cost homes up for sale this month

The Ministry of Construction is selling 1,000 low-cost housing units in Dagon Seikkan township, Hlaing Thar Yar township and Shwe Pyi Thar township this month, said U Min Htein, general director of the Urban and Housing Development Department.

Units priced up to k13.5 million will be put up for sale. Aung Khant / The Myanmar TimesUnits priced up to k13.5 million will be put up for sale. Aung Khant / The Myanmar Times

Ranging between 468 square feet and 522 square feet, the units will be priced at K10 million to K13.5 million each and are available only for customers who save with the Construction and Housing Development Bank (CHD Bank). Qualified buyers will be given the option to pay via ten-year installments.

Sales will begin next week. The Ministry of Construction will prioritise those who have yet to own any low-cost homes and saved money to buy such units at the CHD bank”, said U Min Htein. Low-income earners, government employees and retirees will also be given priority.

Qualified buyers must also save K100,000-200,000 per month with the CHD Bank. The bank will release the units once the amount saved by each buyer totals 30pc of the unit price within a six-month period, said U Win Zaw, chair and managing director of CHD Bank.

Buyers can then pay the remaining 70pc via installments of up to 10 years. They can also approach the bank to release the unit once they have saved up to 20pc of the price, U Win Zaw said.

The Ministry of Construction is currently building 8,712 low-cost units in Myanmar, all of which are targeted for sale within the year. In comparison, a total of 2,208 low-cost units and 1,380 high-standard units were sold last year.

To develop the housing sector, the National League for Democracy-led government plans to build up to 180,000 low-cost units within its first five years in power, said U Win Khaing, Union Minister for the Ministry of Construction.