CONSTRUCTION companies are planning a series of promotions in Yangon for later this month to mark the return to the property market of people who have observed the tradition of staying put during Buddhist Lent.

The period following the annual three-month Buddhist Lent over rainy season, ending on October 26 this year, is usually the most active time for Myanmar’s real estate market and developers are clamouring for attention as people who have delayed shifts get moving.

Yadanar Shwe Htun Construction managing director U Lazarus said his company would be cutting prices on many of its recently completed apartments in downtown Yangon’s Kyauktada, Latha and Botahtaung townships.

“We will give 20 percent discounts on all finished apartments in these three townships from October 26 to November 24,” U Lazarus said.

Construction firm Landmark is planning special deals for two-storey homes at its Diamond House estate and for shop-houses at the Nawarat project, both in outlying Hlaing Tharyar township.

“We will give 10pc discounts at both Diamond House and Nawarat from October 26 to November 24. This is the first time we have done this. We hope to make it easier for newly married couples to buy a home, as well as promote sales in general,” Landmark director U Zarni Myo Win said.

Naing Group, meanwhile, will take 5pc off the price of a range of high-end and cheaper apartments in Yangon.

“We’re offering discounts from October 26 to November 26 on both condos and ordinary apartments (without elevators) in Botahtaung, Pazundaung and Mingalar Taung Nyunt townships,” Naing Group marketing manager U Kyaw Ye Min said.

Father Land Construction is getting in earlier than competitors with specials starting from this week, and warned prices would likely rise beyond recent levels once the promotional period ends.

“We will cut rates by 10-25pc from October 15 to November 15 for room-type and hall-type apartments in Mingalar Taung Nyunt and Botahtaung townships,” the company’s managing director, U Kyaw Myint, said.

“Prices of these apartments prices are likely to increase by 10pc at Mingalar Taung Nyunt and 15pc at Botahtaung (later in November) because of higher labour and construction costs,” he added.

Officials from Zaykabar Construction Company and Yadanar Myaing Construction also said special offers were planned although details were still being worked out.