THE number of private development projects in Yangon is on the rise as the population expands in the Burmese (Myanmar) capital, a prominent developer has noted.
Daw Aye Aye Latt, founder of Chantha Shwe Myay Construction Co, pointed out there was an increasing demand for homes as the capital faces shortages in supply.
The government is also rolling out a host of low-cost flats, while banks were encouraged to provide extended mortgages allowing more people to buy homes.
The authorities have also begun implementing the Condominium law, loosening restrictions on foreign home buyers. The law is overseen by a management committee which certifies and issues licenses to the developers to ensure compliance with the new regulations.
With the demand for quality homes increasing, the developer pointed out a right balance should be struck between affordable and upscale properties.
“We need a plan under which good, affordable homes are constructed regularly so that residents of every class have a place to live,” Daw Aye Aye Latt was quoted as saying.
The developer is known for building the Ayar Chantha Condominium, which was among its higher-end units on sale since 2016.
“We aim to provide high-end units at fair prices to the market,” Daw Aye Aye Latt said.
Located between Thaketa Township and Dagon Seikkan Township, the condominium units were part of the government’s Ayeyarwon Yadanar Housing Project, which includes 49 high-rise apartment blocks.
However, the project stalled in 2016, Chantha Shwe Myay was allowed to continue developing its condominium block, and now half of its units in the development have been sold.
The developer said this was attributed to the higher volume of mortgage loans where buyers could pay a 20 percent downpayment on a 10-year mortgage.
Home buyers can take up units as small as 600 sq ft.
The company says is also offering a special interior design service which includes lighting, ventilation systems, and verandas by a Singapore’s Surbana Jurong, for buyers who paid the deposits in cash.
With plenty of the high-end projects, Daw Aye Aye Latt expects to demand to rise in tandem.
Some owners have also begun renting out their units at good rates, the developer noted.
The availability of added facilities was also influencing the demand for condominium units.
“For those who would like to exercises, there is a swimming pool, a gym and a yoga hall as well as a spa. A separate car park is included for the convenience of the residents,” she said.