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March 02, 2018

Myayinanda fair-cost apartments to draw lots in January

Myayinanda Apartments developed by the Construction Ministry.
Myayinanda Apartments developed by the Construction Ministry.

Those wishing to live in Myayinanda’s fair-cost apartments located in new townships in Mandalay will draw lots for 560 units in January, said U Aung Kyaw Oo, the director-general of the Urban and Housing Development Department.
The department required the civil staff, retired staff, low-income people and company staff to apply using different application colours depending on professions. The department will scrutinise applications until the end of December.
The apartments will fulfil the requirements of those who do not own a house. Applicants who win the draw will promptly have their apartments released. Applicants have been informed of the rules, and those who fail to obey the prescribed rules will be faced with the confiscation of their apartment unit with no refund, it is learnt.
All applicants are required to present a letter of recommendation from a Hluttaw representative who can confirm that they do not have their own house, land or flat. This is to minimize those who seek to profit from resale.
“There are resellers and those who sublet the apartments previously developed by the city development committee”, said one apartment owner. “I find enforcement of the law for this to be weak”.
The apartments will sell for Ks22.3million per unit at the basement level, Ks20.8milllion for first-floor units, Ks19.3million for second-floor flats, Ks17.8million for third-floor apartments and Ks16.3million for fourth-floor flats, according to the housing department.
If people wish to purchase an apartment through a bank loan, they have to deposit 30 per cent of the value of the flat. Then they can take out a loan through an 8-year instalment plan at the Construction and Housing Development Bank.


Aung Thant Khaing


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