Tag Archive | "Myanmar housing development"

Yangon Condominium Prices Higher by 50 percent

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Yangon Condominiums Prices Up 50%

Posted on 15 April 2012 by Myanmar Guardian

Yangon Condominiums Prices Yangon,Myanmar: Compared to the period when the cyclone “Nargis” attacked the region, Yangon condominiums prices are sky rocketing, by up to 50 percent, reported. Condominiums which were about 90,000,000 Kyats (about 110,000 US dollars) to 100,000,000 Kyats ($121,000 USD) are now 170,000,000 ($207,000 USD) to 180,000,000 Kyats ($ 220,000 USD) made known by the real estate market in Yangon.

“If someone wants to spend 130,000,000 Kyats for a landed house with a large compound, it will only be possible in a place such as ‘Okkalar’ township (which is one of the remote areas of Yangon) but with that amount of money, a mid range condominium is a possible option in downtown area. So, for more benefits like comfortable and modern housing, convenience of transportation, good security etc. people are starting to choose condominiums.” told by U Zaw Zaw, a real estate agent from Unity real estate company.

In the real estate market in Yangon condominiums started to gain popularity about 4 years ago, and since then more and more condominium were built in Yangon by various construction companies. The Voice Weekly News Journal reported that over 200 condominiums were built by only one construction company in Yangon.  Comparing to the Yangon condominiums prices in 2008, real estate prices in Myanmar are up by 60 percent.

Foreign investors and many international organizations are pouring into the country and more and more real estate development is seen in Yangon condominiums, one of the major cities in Myanmar. This can be one of the causes which raise up the Yangon condominiums prices. Real estate agent from Unity Real Estate Company said, “Currently there are more demands for condo rental than buying because of foreign workers from various organizations who need to stay in Yangon for a short period.”

“Since cyclone Nargis, it can be said that Yangon condominiums prices went up to full range. With the buying and selling, workloads went up to 50 percent” stated U Aung Myint, a real estate agent from Aung Tha Mar Di real estate company. He also told that many condominiums are being built in downtown areas as well as some popular zones and silent zones of Yangon. In Dagon Township, one of the downtown areas, condominium prices are 140,000 Kyats ($170 USD) per square feet and in Ma Yan Gone and Yankin townships, it is about 110,000 Kyats ($134 USD).

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City of Stars – credit Eleven Media

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A New Housing Project Gets Started Near Yangon, Myanmar

Posted on 06 March 2012 by Myanmar Guardian

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.

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