8,000 low-cost apartments to be built

February 21, 2017

With low-income residents in mind, the Ministry of Construction is planning an affordable housing project with apartments that will sell for less than Ks100 lakh, according to the Department of Human Settlement and Hosing Development.

“As housing project is meant for for low-income people, we will reduce the price at which the low-income person can buy a home,” said U Min Aung Aye, Deputy Director for the Department of Human Settlement and Hosing Development. “We must do this because the low-income residents should be cared for.”

Many housing projects are being implemented by the public and private sector, but the Ministry has decided to implement low cost housing projects in Yangon Region as most of the other projects are selling for more than Ks 100 lakh.

The ministry is seeking the required land, which is the most important part of its four-year project to build 8,000 apartments.

Construction and Housing Development Bank, under the Department of Human Settlement and Housing Development and in cooperation with construction companies, have already sold more than 2,000 low-cost apartments including: section 1 and 2 of the Shwe Lin Pan Housing project in Hlaing Tharyar township; Kanaug low-cost housing in Dagon Seikkan township and Section 1 and 2 of the YuzaNa low-cost housing project.

Although the low-cost housing is available, the prices of the apartments are still too high for some low-income residents. The Construction and Housing Development Bank will open accounts for the people who want to save and buy low-cost apartments.

Moreover, the Bank has provided a loan of Ks97 billion to construction companies and to those who want to buy apartments. The bank’s loan payment term for borrowers is eight years, though it has plan to increase the payment period to 15 years, according to the Construction and Housing Development Bank.

Ref; The Global New Light of Myanmar