The Urban and Housing Development Department under the Ministry of Construction plans to implement a new housing project in Mon State estimated to build about 2,000 new units.
The department submitted a proposal to the Mon State government in September to carry out the housing project on vacant plots in the east of Mawlamyine- Kyaikmaraw Road, said U Min Kyi Win, Mon State Minister for Natural Resources and Environmental Conservation.
The minister said the new plan has been scrutinised by the state chief minister, who encouraged the establishment of lowcost housing in the state for the public interest.
The affordable housing programs can generate economic benefits to local communities, he added.
The Mon State Hluttaw on 5 October approved the proposal submitted by Dr Aye Zan from Kyaikhto Constituency to speed up the urban plan for development of affordable housing projects to balance housing population in the state.
Plans are underway to develop housing projects in Min Village of Mawlamyine Township and Phaungsein Village of Thanbyuzayat Township, said U Wunna Kyaw, Mon State Minister for Planning, Finance, Immigration and Population at the parliament.
Residents may buy the apartments through an instalment system, a credit sale in which payments are made in instalments over a period of time, in connection with the Construction and Housing Development Bank. The CHDB allows buyers to purchase a low-cost apartment via eight-year instalment plans. The buyer first needs to pay 30 per cent as down payment to the bank.
Source: The Global New Light of Myanmar
