The Myanmar government is planning to sell low-cost apartments to pensioners, public employees and people with average incomes using bank loans and installment plans, said Deputy Director General Khin Sein from the Department of Human Settlement and Housing Development. “The apartments will be sold at about $3.6 mil
The Myanmar government is planning to sell low-cost apartments to pensioners, public employees and people with average incomes using bank loans and installment plans, said Deputy Director General Khin Sein from the Department of Human Settlement and Housing Development.
“The apartments will be sold at about $3.6 million per apartment. We will announce it in the newspapers. We are currently discussing the apartment's price with the Yangon regional government,” said a department official.
Similarly, apartments from the Shwe Lin Ban low-cost housing project will sell for no more than $3.6 million per apartment, department sources say. But some critics say that prices for some low-cost housing and affordable housing projects implemented in the Yangon region are not affordable for people with low incomes who urgently need a place to stay.
People who want to buy a house, condo or apartment can take out a loan from the construction and housing development bank, department sources say. Moreover, land owners who want to build high-rise buildings and dwellings on their own land can borrow from the bank. The same applies to construction companies and investors who need loans.