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July 23, 2019

Foreign investors to be invited to invest in low-cost housing projects for over 15 years

An aerial view of Yangon City with high-rise buildings.  Photo: Phoe Khwar
An aerial view of Yangon City with high-rise buildings.  Photo: Phoe Khwar

By Aye Yamone

Yangon regional government will invite foreign investors, who will invest for more than 15 years in low-cost housing project in Yangon Region, said U Phyo Min Thein, the Chief Minister of Yangon Region.
With an aim to solve the living difficulties of the local people in Yangon Region, the low-cost housing projects are being implemented in Yangon. The authorities are also planning to sell the low-cost housing apartment buildings in installment system, for which the banks will cooperate with the government.
“If the investors make investment in building the low-cost apartment buildings, we will try our utmost to sell the flats at an affordable price. The price can be low because the government will not charge any rent for the plots of land. However, we need to attract the investors who will invest for a long term. Provided that they do not make long- term investment in the housing projects of the regional government, the needy purchasers will be required to pay in a short-term installment, which will make those earning not much difficult to buy the flats. Therefore, we would like to invite the investors who can invest for above 15 years,” said U Phyo Min Thein, the Chief Minister of Yangon Region at the license handing over ceremony held on 6 April at Pan Pacific Hotel.
If the foreign investors will invest in the low-cost housing projects, the local entrepreneurs will cooperate with their foreign counterparts to provide the shelter for the homeless people. Currently, they are making negotiation with the Ministry of Construction to be able to solve the squatter problem.
The housing sector is one of the sectors of reform for the next decade for bringing about the development of Yangon City. So, if we cannot construct around 100,000 flats per year, there will emerge dramatic problems, which will hinder the development of the living standard of the people as well as affect the law enforcement, said Chief Minister.
“Chief minister has urged us to construct 100,000 apartments. Our association has already replied to the chief minister that we can construct only about 10,000 apartments in the four districts of Yangon Region. We will submit the detailed proposal to the Chief Minister and the Hluttaw very soon, said U Kyaw Win, the chairman of Myanmar Licensed Contractors Association (MLCA).
The Urban and Housing Development Department under the Ministry of Construction has already constructed the low-cost apartment buildings in Shwe Pauk Kan, Shwelinban, Kanaung and Yuzana. The department has planned to construct more low-cost apartments in other areas.
Yangon regional government has planned to sell the flats from Inwa housing & Kaung San Thar housing from Dagon Myothit (South), Yuzana housing part-1&2 and Kanaung housing from Dagon Myothit (Seikkan), Shwelinban housing & Htee Hlaing housing from Hlaingthaya Township, Shops-cum-apartments from Shwepyitha Township and Shwepaukkan housing from North Okkalapa Township. (Translated by Hay Mar)

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