Jun 1, 2015

Low-cost flats to sell by instalment

Successful applicants can buy apartments from the Shwelinpan low-cost housing scheme through eight-year instalments being offered by the Construction and Housing Development Bank, according to the Ministry of Construction.

“Low-cost apartments are being sold by instalment through the CHDB. A total of 264 of the 272 applicants will be allowed to purchase a low-cost apartment via eight-year instalments,” said an official from the ministry.

The ministry is trying to make affordable homes available in Ayarwon and Yadana high-rise projects in Dagon Seikkan, Yangon, this fiscal year.

Min Htein, director-general from the ministry, said: “Efforts are being made for 20 per cent completion of the overall project this fiscal year. It covers 49 buildings. We are then working on the completion of about 15 buildings in 2016-17. A building includes 400 apartments. We are trying to finish 6,000 apartments by next March.”

A total of 49 buildings, with 20 in the first stage, 13 in the second and 16 in the third, are being developed on the 220-acre site. Ayarwon is 120 acres and Yadana is 100 acres. There are due to be 19,600, 600-square-foot apartments to house around 100,000 people when the project is completed.

Source: Eleven Weekly Media