August 19, 2016

Govt has built 36,059 new apartments over last 4 years

It is necessary to develop urban housing projects for towns and cities in all of Myanmar’s states and regions, said Union Minister from the President’s Office U Soe Thane at a coordination meeting on urban development yesterday.
Future developments must also be taken into account while executing urban housing projects, the union minister added.
Also at the meeting, Deputy Minister for Construction U Soe Tint explained the efforts of the union government to expand Myanmar’s housing infrastructure.
“The union government was able to build 36,059 new apartments during the 4-year period from 2011 to 2015,” he said.
The Ministry of Construction laid down four objectives: providing adequate and affordable housing, establishing a housing finance mechanism, the participation of private entrepreneurs in the construction industry and the development of a proper housing delivery system, according to the deputy minister.  The deputy minister added that the union government built over 36,000 apartments for government employees and low-income citizens, and the ministry is planning to build 1 million apartment units in 81 cities throughout the country over the next 20 years.
Plans are also underway to issue 8-year mortgage loans to home-buyers, according to the deputy minister.
Arrangements are also being made to build 29,357 new apartments in the 2015-16 fiscal year.
The ministry also developed 100,000 land plots in 99 cities and towns for urban development projects between 1988 and 2010.—MNA


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