| Work Detail |
Despite a rise in the number of housing units provided by the government and private sector, the gap between supply and demand for affordable homes in Yangon is widening as the population expands, Daw Aye Aye Latt, MD of Chantha Shwe Myay Construction Co, told Myanmar Times during an exclusive interview.
To address the shortage, the government is rolling out a slew of low-cost flats, while local banks are being encouraged to extend more mortgages to make homes more attainable. Meanwhile, the number of private development projects is also on the rise.
Recently, management committees for condominiums were formed under the Condominium Law. The committees are responsible for issuing licences to developers, certifying developments as complying with requirements under the law and ensuring condominium land is collectively owned.
As such, the supply of quality homes in Yangon should balance out against demand in the coming years. “We need a plan under which good, affordable homes are constructed regularly so that residents of every class have a place to live,” said Daw Aye Aye Latt.
Among the higher-end units that are being rolled out in Yangon is Chantha Shwe Myay’s Ayar Chantha Condominium, units of which have on sale since 2016. “We aim to provide high-end units at fair prices to the market,” Daw Aye Aye Latt said.
Ayar Chantha Condominium, which is located between Thaketa and Dagon Seikkan townships, is part of the government’s Ayeyarwon Yadanar Housing Project, which includes 49 high-rise apartment blocks. When the project was stalled in 2016, Chantha Shwe Myay was allowed to continue developing its condominium block.
With demand on the rise, more than half of the units at the 18-storey Ayar Chantha Condominium have already been sold. This is due to the higher volume of mortgage loans now available, under which buyers are given the option to pay a 20 percent down payment and repay the remaining loan over a period of up to 10 years. Units start from 470 sq ft.
For buyers who pay the deposit in cash, Chantha Shwe Myay is throwing in a special interior design service including the installation of lighting and ventilation systems and verandas by Singapore’s Surbana Jurong. Those efforts have helped to drive a rise in demand for the company’s project over the past year, Daw Aye Aye Latt said.
Looking ahead, Daw Aye Aye Latt expects demand from property investors to rise. At Ayar Chantha Condominium, some owners are already renting out their properties at K4 00,000 to K800,000, said Daw Aye Aye Latt.
Demand for condominium units in particular should rise fast due to the facilities available. “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. |
