Categorized | Business

A New Housing Project Gets Started Near Yangon, Myanmar

Yangon, Myanmar: The Weekly Eleven News Journal reported that one huge housing project is under way near Than Hlying Bridge, Than Hlying Township which is one of the remote areas ofYangoncity.  The housing project is known as “Kyae Sin Myo Taw” which means “City of Stars” in English.

The Weekly Eleven News Journal reported that it is being built by SPA / FMI Group of Companies with the investment of YOMA Strategic Holding Ltd. It also reported that Ko Soe Thi Ha Hlaing, housing project director of the company, confirmed that YOMA Strategic Holding has invested $91 million Singapore dollars in this project which makes up 70 percent of the total share and remaining 30 percent by FMI group of companies. FMI is one of the leading companies inMyanmar.

This “Kyae Sin Myo Taw (City ofStars)” housing project is currently being built on 420 acres of land and will have 8,000 to 9,000 rooms in total which will have enough space for about 25,000 people. The construction has started since 2001 and expected to finish by 2020, The Weekly Eleven Journal reported.

The housing project will have a residential area as well as a commercial area.  In the report from The Weekly Eleven; schools, banks, cinema, GYMs, Spas and a swimming pool will be in the commercial area and, of course; there will be a golf course, as FMI is already been well known for its own beautiful and pleasant golf courses, such as Pan Hlaing Golf Course.

“FMI group of companies is building this housing project and one of the companies which currently has investment in stock and share for Singapore Stock Exchange (SGX), YOMA Strategic Holding Ltd., agreed to the deal and invested $91 million Singapore dollars in this project. This investment brings trust to the development of the housing market in Myanmar and also arouses people’s interest in the housing projects. It is just like opening a new market.  All the other developments will be on the way now.  Plus, this housing is just at the other side ofYangonand only across Than Hlying Bridge, so quite near toYangon. That’s why we built up this housing project here.” explained by Ko Soe Thi Ha Hlaing, housing project director.

Currently, building 1 and building 2 are in progress.  Building 1 has 150 rooms in it and all are already sold out.  In building 2, 120 rooms out of 150 are sold out, The Weekly Eleven News Journal reported. Ko Soe Thi Ha Hlaing said, “We target this housing project for the middle class citizens. Price of the rooms are ranged from 48,000,000 Kyats (about 5,800 US dollar) to 140,000,000 Kyats (about 17,000 US dollar).  We will provide full facilities and also take care for the security of the residences.  In the future, we plan to provide a boat ferry service between housings and downtown.

Posted on 06 March 2012

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