Myanmar real estate news

Mandalay firm starts pre-sales on housing project

Myanmar real estate news Construction firm Thandi Thitsa has started pre-sales on an affordable housing development in Mandalay.

The firm’s Mann Akarit housing project is being built at the intersection of Taungpyone Road and the Mandalay-Mogok road in Patheingyi township.

“We are implementing the project on my own land,” U Myo Hlaing Oo, managing director of Thandi Thitsa Construction Company, told The Myanmar Times on November 10. “The purchasers do not need the departmental recommendation like the government-owned housing projects.”

The apartments are available for purchase through an instalment plan – over three or 10 years – directly from the company, although later Thandi Thitsa plans to partner with local banks, he added.

For customers buying on a three-year instalment plan, ground-floor apartments are priced at K20 million, first-floor housing at K15 million, and higher floors at K13.5 million. For a 10-year instalment plan the prices are K37.5 million for a ground floor apartment, K32.5 million for a first-floor and K30 million, K27.5 million and K25 million for second, third and fourth-floor apartments respectively.

U Myo Hlaing Oo says once a fixed amount has been paid, people will be able to move in. But ownership will not be conferred until the full price has been paid off.

The project, once completed, will include more than 600 rooms in 30 five-storey apartment blocks. Each apartment will be 540 square feet, featuring two bedrooms, a bathroom, toilet and kitchen. Electricity and water systems are to be included.

So far, 40 rooms have been built and the construction side of the project is estimated to be done by August 2017. The Mann Akarit housing project began in October 2014, on a 65-acre site. The project is around 70 percent complete. It also aims to provide reasonably priced apartments and residential houses.

Translation by San Layy

Quoted from mmtimes.