YANGON-BASED company Yadanar Shwe Htun Construction plans to begin construction on three new condos in the city’s downtown area by the end of the year, according to managing director U Lazarus.

“We plan to begin work on three new condos – one comprising seven ten-storey buildings, another of four eight-storey buildings and the other eight eight-storey buildings. They’ll be located in Lanmadaw, Botahtaung and Kyauktada townships and construction will begin by the end of December,” U Lazarus said.

All condominiums will have lift access with a generator backup, while the Botahtaung and Kyauktada condos will feature penthouses on the top floor.
“We will open sales for the apartments as soon as construction works begins,” he said. We chose to build downtown because it is a commercial area with a lot of market potential and fast sales,” he said.

U Lazarus added that the condos will be built simultaneously and the construction period is expected to be one-and-a-half years. But he said that the company expected the apartment values to increase approximately 20 percent by the completion date because of higher construction material costs.

“All construction of the condos will be completed in mid-2010. The estimated apartment price [unfurnished] ranges from K70-100 million,” he said. “But we expect the value of each apartment to rise by 20pc because of higher construction material expense.”

He added that to encourage buyers to get in early the company would allow them to pay off the apartment in five instalments over the 18-month construction period.

“The first payment, a deposit, will be 10pc, second payment of 40pc during the foundation period, third of 25pc when construction reaches the specific floor of the apartment, fourth 20pc on roofing time and the final 5pc is due when the building completion certificate (BCC) is received and submitted to the respective buyers,” he said.

Yadanar Shwe Htun is currently constructing several high-rise projects: At Sint Oo Dan and 18th street in Latha township, 45th street in Botahtaung township and on 92nd and 93rd streets in Mingalar Taung Nyunt townships.