SUBSTANDARD electricity and water supply are to blame for buyers choosing apartments over condominiums, real estate sources said last week.

Condominium rental and purchase rates have not significantly increased despite an overall pickup in the rental market this year, the sources said.

U Zaw Zaw, manager of Unity Real Estate Agency, said buyers were sick of the poor services provided by some condominiums and were instead choosing apartments, which are often better located and provided superior facilities.

He said apartments such as Shwe Marlar Housing in Bayintnaung Road are more popular with customers because of their good facilities and lower price.
“Housing developers should understand the real meaning of condominiums: They’re more just large apartments with elevators,” U Zaw Zaw said.

He said good electricity and water supplies and a security system should be standard in condominiums, adding that there is always a demand for places with luxury facilities like swimming pools, gymnasiums and saunas.

U Zaw Zaw said there are frequently arguments between residents and developers over a lack of facilities, as well as maintenance and security fees.
Many condominiums also have shopping centres on the ground floor, which he said can create privacy and security issues for residents, further deterring investors.

Ko Thein Nyo, a condominium resident in Bahan township, said his building has not had any renovations or maintenance – such as a fresh coat of paint – for a long time.

But he said he was satisfied with the condominium’s security arrangements.
He said apartments cost about K50 million but residents also have to pay maintenance fees ranging from K15,000 to K20,000. Other charges include generator fees and elevator repairs.

Both agents and residents were quick to point out most condominiums now have generators to handle electricity problems and had installed security devices.

Apartment prices in condominiums vary depending on location. The minimum price is about K30,000 a square foot but those in more desirable locations sell for a minimum of K40,000 a square foot.