Construction Ministry to develop 8,000 affordable units in Yangon over two years

THE Ministry of Construction announced it will construct 8,000 affordable housing units in Yangon Region within two years according to Union Minister U Win Khaing.

According to the ministry, around 40 or 50 buildings of five-story each will be built on 2000-acre of land this year.

Low-cost apartments will be created to fulfill the needs of the people as of this year, said the Union minister, adding that vacant lands in Dagon Myothit (South) Township are designated for the construction of affordable housing.

The units installed with necessary infrastructure will be sold for about K10 million each, and implementation of the housing projects is expected to be completed within two years. Private entrepreneurs will be invited to take part in the project implementation and a system of bank loans will be introduced. “I want to make the people who are striving for home ownership have an affordable road to owning an apartment within eight or 10 years,” said the Union minister. Under an installment plan, homebuyers need to be able to pay 15 percent of the value of the apartment as an advanced payment before a monthly payment of K80,000 or 100,000.

Sources said that the affordable units of 400-sq-ft each include two bedrooms, a bathroom and a toilet with water and power supply.

Three-fourths of the land is building and one-fourth is other infrastructure including schools and playgrounds, said the Union minister. “I would like to ask the people to be patient, to wait for a while as it remains difficult for developers to implement the projects in Yangon,” added the Union minister.

The ministry has developed 32 low-cost buildings of four-storey each in Hlinethayar Township. Works are underway to implement theYadana and Ayarwun affordable housing projects that include 49 buildings in Dagon Seikkan Township. —Ko Moe

Source: The Global New Light of Myanmar

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