Yangon’s rising population currently stands at more than five million. It’ll soon reach six million and housing and apartment requirement was also rising. Due to this there are housing projects that were being implemented with more projects in the pipeline. As such Dagon Myothit (North) fair-price housing project with more than 2,000 apartments was being implemented and will be completed by the end of this year.
The fair-price housing project with more than 2,000 apartments in Yangon City, Dagon Myothit North Ward 51 was constructed by Myanmar Construction Entrepreneur Association under the arrangement of Yangon Region Government. The project was constructed on a land owned by Department of Urban & Housing Development.
Affordable price for the people
“Plans were drawn up and implemented to construct about 100,000 apartments every year in Yangon Region. We are doing the best to make the prices affordable for the people to buy and live in it” said Yangon Region Chief Minister U Phyo Min Thein.
Actually Yangon Region receives the most local and foreign investment in Myanmar. It is a city with many businesses and economic zones. It provides many job opportunities as well as education and vocational trainings. It is a city were much contacts can be established to go abroad and work so Yangon is where many youths of Myanmar came to.
Apartments required yearly
The 29 industrial zones in Yangon were also running at full speed attracting many men, women, boys and girls to its factories and shops who in turn establish their own families in the city. The requirement for housing and apartments were rising yearly.
The current basic price of apartments in Yangon were not very high but was still not within reach of the basic people and workers. That was why Yangon Region Government was inviting local and foreign investors to construct apartments with land value of zero
Interest rate of housing loan in Yangon is at 13 percent so it is a bit high. For grass root people to buy apartments under instalment payments the Union Government is arranging to obtain Yen 15 million (K 1.5 billion) loan from the government of Japan. If this loan is obtained grass root people can buy apartments with low interest rates.
“For grass root people to buy apartments in Yangon Region at low interest rate we are cooperating toward acquiring Japanese loan. If such loan is obtained the interest rate can be lowered from 13 percent to 8.5 percent” said Yangon Region minister for Electricity, Industry, Road and Communication Daw Nilar Kyaw.
An agreement with Japan on a two-step loan of K 150 billion for housing projects was already reached. Ministry of Construction Department of Urban & Housing Development was also selling apartments to people who can pay a down payment of K 1,960,000 and long term instalment payment.
Granting of loan
Yangon city requires more than 300,000 apartments. It was for government servants, company personnel, workers and squatters. Yangon had more than 100,000 squatter households with a population of more than 400,000. Yangon Region Government is striving toward granting loan to such people.
Inwa housing project in Dagon South, Yuzana low cost housing project 1 and 2 in Dagon Seikkan, Pa Le Mon housing project in Dagon South, Shwelinban housing project in Hlinethaya and under construction Kyinsitmin housing project will fulfill to certain extent the housing requirement of the people.
Selling of apartments
In addition to these, public housing projects were also being reconstructed. Yankin Housing Project to be constructed by Yangon Region Government and Japan will create more than 3,000 apartments. At the moment arrangement were made to sell more than 1,500 apartments in Hlinethaya Township and Dagon Myothit (Seikkan) Township.
At this situation the Dagon Myothit (North) fair-price housing project with more than 2,000 apartments to be completed in 2019 will fulfil to certain extent the housing requirement of the people. By Zin Lin Myint (Translated by Handytips)