Public company Myanmar Construction and Development will finance and build a low-cost government housing project in Yangon.
Chair of Myanmar Construction and Development U Thar Htay confirmed to The Myanmar Times that his company had entered into a partnership with the Ministry of Construction’s Department of Urban Housing and Development (DUHD).
U Thar Htay is also the vice chair of Construction and Housing Development Bank, which is majority owned by the Ministry of Construction.
“We will build the low-cost housing for the government. After the government sells the apartments, the government will pay us the money,” U Thar Htay said. “We will build five or six storey buildings. The land is ready.”
DUHD director general U Min Htein confirmed the government would supply the land, and use the proceeds from the housing sales to cover MCD’s construction costs.
The DUHD chose MCD because the firm is one of the few with enough capital to undertake the project, U Min Htein said. MCD was also formed by executives and central executive committee members from the Myanmar Construction Entrepreneurs Association, which made it a particularly reliable firm, he added.
Many firms approach the DUHD to discuss low-cost housing projects, but few have the requisite funds to build a project without financial help, he said.
U Thar Htay said the low-cost apartments, which will be in East Dagon and Thanlyin townships, will cost from K10 million to K20 million. He was unable to comment on how much the project will cost in total, as the matter is still under discussion.
He said that he hopes to keep building low-cost housing across the country as long as he has the backing of the Ministry of Construction. The DUHD is planning to build 8000 low-cost apartments in Dagon, Thanlyin and Mingaladon townships.
Translation by Khine Thazin Han
Quoted from mmtimes.
