Nearly 300 low-priced flats in Shwe Lin Ban unsold

Nearly 300 low-cost houses at Shwe Lin Ban industrial zone in Hlaing Tharyar township, are awaiting to be sold, according to an official from the Department of Urban and Housing Development (DUHD), Ministry of Construction.

“We are developing cheap housing for those with very low income who couldn’t afford accommodation prices,” U Nay Myo Hlaing, assistance director of DUHD said last week.

Department officials said that they built “reasonably-priced houses and low-priced flats in three main areas of the industrial zone.

The Yangon Regional government divided the housing complex in three zones and already sold the cheaper accommodations in phase 1. The two hundred and seventy eight low-priced flats in phase 2 and phase 3 remain to be sold.

U Nay Myo Hlaing said the affordable housing project was funded with the department’s budget and sold to make a five percent to 10pc profit from each unit.

Derived profits will go to building low-priced accommodations for people with low incomes.

“In the calculation of less expensive accommodation, we don’t include the cost of the land. They [those allowed to purchase the low-priced housings] also don’t have to pay for infrastructure fees or electricity, lane and drains,” U Nay Myo Hlaing said.

People who wish to purchase low-priced flats, need to pay 30pc of the original value of the flat – worth K30 million – to the Construction and Housing Development Bank (CHDB) as a down payment.

To apply, residents need to prove that they earn between K350,000 to K500,000 monthly for flats worth K12 million.

The urban department is selling the 200 low-priced housings in Shwe Lin Ban Phase 2 at K12.6 million to K13.5 million per flat according to the floor size.

The 78 cheaper flats in Phase 3 is priced from K9.8 millions to K12 million based on the size.

The department is selling the reasonably-priced housings (Htee Hlaing Shin Housing) at Shwe Lin Ban Industrial Zone between K31 million and K56 million based on the floor levels.

Public can buy the flats directly from the department.

Source : Myanmar Times

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