The Ministry of Construction plans to sell over 4,400 low cost and affordable apartments in Yangon Region in the 2018-2019 Financial Year, said U Kyaw Lin, the Deputy Minister for Construction.
“In the 2018-2019FY, 4,452 low cost and affordable apartment building units, constructed by the Ministry of Construction, will be sold,” he said.
The Ministry of Construction began to implement the housing project on 1 August, 2016, with the aim of enabling the needy to own apartments with the help of home loans.
Over 25,000 people have saved over K23 billion through the purchase of low cost and affordable apartments, as of 31 January, 2019, according to the Ministry.
The Ministry has granted K35.17 billion in loans to 2,720 people for buying low cost and affordable apartments. The Construction, Housing and Infrastructure Development Bank (CHID Bank) has increasingly set goals and targets for the development of the construction sector.
Under JICA’s ODA loan program, some low cost apartments in Yangon Region will be sold through a long-term housing loan with a low interest rate. Those wishing to purchase the low cost units had registered themselves with the Urban and Housing Development Department in mid-February.
The apartments covered by the low-cost housing project, implemented by the Urban and Housing Development Department under the Ministry of Construction, will be sold in Yuzana Housing Phase 1 and 2, Kanaung Housing in Dagon Myothit (Seikkan), and Shwelinban Housing Phase 2 and 3, and affordable housing units will be sold in the Htee Hlaing Shin Housing project in Hlinethaya Township.
The low cost homes that will be sold include four-storey eight-unit apartment buildings in Shwelinban Housing Phase -2 and four-storey six-unit apartment buildings in Shwelinban Housing Phase -3 in Hlinethaya Township.
Four-storey eight-unit apartment buildings and four-storey six-unit apartment buildings in Yuzana Housing Phase-1, four-storey eight-unit apartment buildings and four-storey six-unit apartment buildings in Yuzana Housing Phase -2, and four-storey eight-unit and four-storey six-unit apartment buildings in Kanaung Housing in Dagon Myothit (Seikkan) will also be put up for sale.
The affordable housing project includes five-storey four-unit apartment buildings in Htee Hlaing Shin Housing Estate in Hlinethaya Township.—GNLM
(Translated by Hay Mar)