The rearward view of Pearl Condominiums in Bahan township that features shops, restaurants and an internet cafe.

REAL estate developers say that the boom in popularity of condominium complexes, such as Pearl Condo, Yankin Centre and Ocean Super Centre, is at least partly due to their in-built shopping centres.

U Ko Ko Htwe, chairman of Taw Win Family, said residential convenience is the key to condominium building and easy shopping plays its part. He added that construction firms and developers also favour the retail areas because they are more profitable than residential areas by the square foot.

“Large shopping malls or supermarkets attract businesses and create a vibrant area, which in turn makes people want to live there,” he said.

“That’s why most of condominiums with supermarket are busy with customers because they have a number of customers who live on the floors above. Generally these kinds of properties earn high prices for the developers.”

U Ko Ko Htwe said the construction cost at a condominium with an in-built supermarket was about K80,000 per square foot, with a return of at least K100,000.

U Zaw Zaw, manager of Unity real estate, said that apartments in condos with a shopping centre fetched 20 percent more than in condos without a retail precinct.

“Especially the condos that have a shopping centre like City Mart are very popular with buyers because it is so convenient for the resident and not messy like going to a wholesale market,” he said.

He said a condo’s location and facilities, in the access to a supermarket, can increase the sale price by as much as K40,000 per square foot. He added that there were very few vacancies in condominiums with good transport links and a retail precinct, such as Dagon Center and Yankin Center.

U Ko Ko Htwe said that about 80 percent of residents are pleased with the convenience offered by in-built supermarkets and only 20pc were worried about the added noise and irritation of the centres.

“Condominiums have become a popular choice for wealthy buyers who want to avoid isolated residential areas like Golden Valley and downtown, which is very busy,” he said.

Ko Hein Zan Aung, assistant marketing manager of Sai Khung Noung, also said approximately 80pc of customers wanted to buy into a condo with a supermarket because they are both convenient and a good investment.

“Customers think condos with supermarkets are convenient for living, renting, and also to use as an office space.

“For an investment of between K50 million and K150 million, apartment owners can get a monthly return of K200,000 to K500,000,” he said.

He said condominiums with a shopping centre located close to the downtown area, such as in Sanchaung, Bahan, Thingangyun and Mayangone townships, were the most popular with buyers,.

U Ko Ko Htwe said that developers try to build their condominium projects in areas with strong growth potential and spending power.

“In Yangon, townships like Botahtaung, Dagon and Latha are popular for condominiums but areas like Sanchaung, Kamaryut, Tarmwe and Yankin have high potential because they have big populations that can afford to both buy these apartments and shop in the supermarkets,” he said.

U Ko Ko Htwe said that the trend has begun spreading to other commercial cities.

“People in cities like Mandalay and some of the bigger towns like Taunggyi have become accustomed to supermarket shopping where they can buy most of their groceries in one place.

He added that with mortgages currently unavailable, only wealthy buyers could afford condominium living.

U Khin Maung Than, the marketing manager for Mother Land Construction, agreed that buyers with cash to splash preferred condominiums over houses or apartments.

“Customers like condos with supermarkets because they can buy the food and household items they need easily. It generally reflects a better lifestyle and condominiums usually have other features like parking and security as well,” he said.

He predicted that the number of condominium complexes with in-built supermarkets would continue to expand in future.

Ma Chaw Su, resident in Thiri condo, said that being above an Ocean supermarket made it easy whenever she needed to buy something urgently.

“Some of my friends ask me whether I have less privacy because the condo is often busy with shoppers. But in my experience it doesn’t matter because there is a separate parking lot on the second floor for residents only and from there we can reach to our apartment by elevator,” Ma Chaw Su said.

She said that the advantages of having a supermarket close by far outweighed any associated problems. However, she admitted that apartments closer to the ground floor might be disturbed by the noise of the supermarket’s air conditioning system.

Ko Thein Win Nyo, who lives in Pearl Condo, said that having a supermarket was convenient but there were downsides for residents.

“We [residents] can get things easily from the supermarket. But an unfavourable thing is the cars of non-resident shoppers. And there are also the cars that come to offices and the kindergarten which operates in the condo. If there is enough parking space it is no problem.”

He said he also wanted to see more restrictions on small restaurants and snack stalls that cook and sell their products from the condominium compound and parking area.