AYA Bank Offers 15-Year Mortgages for High-End Condo Projects

Property developer Shwe Taung Real Estate has signed an agreement with AYA Bank to provide mortgag­es for two high-end condo projects in Yangon.

Under the deal, buyers will be able to get 15-year mortgages for apartments at the Hilltop Vista Condo­minium and Crystal Resi­dences projects in Yangon.

It is the longest period available for a mortgage in Myanmar’s real estate sector and buyers will have to make a 40 percent down payment to be eligi­ble for the loan.

Prices for the apart­ments range from K300 million (roughly $290,000) to K700 mil­lion, said Daw Mi Mi Kha­ing, CEO of Shwe Taung Real Estate. The interest rate on the loan will be 13 percent per year but is variable, she added.

The Hilltop Vista Con­dominium, on Min Ye Kyaw Zwar street in Lan­madaw township, has 241 apartments, while the Crystal Residence, near Junction Square shop­ping centre in Sanchaung, will offer 261 apartments and a rooftop pool when finished.

The deal with AYA Bank only applies to these two projects, but the company is hoping to be able to of­fer a similar scheme for its other projects, Daw Mi Mi Khaing said.

A report by the real es­tate consultancy Colliers last September said the industry was suffering from a glut of apartments in the luxury and high-end sectors, where prices top $500,000.

It said it expected to see rising demand in the mid to upper segments, and encouraged developers to offer more flexible pay­ment options and more creative marketing strate­gies to boost sales.


Source: Myanmar Business Today

NB: The best way to find information on this website is to key in your search terms into the Search Box in the top right corner of this web page. E.g. of search terms would be “property research report”, ”condominium law”, "Puma Energy", “MOGE”, “yangon new town”,"MECTEL", "hydropower", etc.