Government will enter into join ventures with businesses to stimulate low-cost housing projects on public land, according to the Department of Human settlement and Housing Development.
In an effort to stimulate construction of needed low-cost housing, public-private developments will be allowed on government land, the department said.
Land will be provided by the government and the Construction and Housing Development Bank (CHDB) will offer long-term mortgages, while the construction association will oversee house building, said Min Htain, director-general of Department of Human settlement and Housing Development.
(CHDB) will offer an installment system for the low-cost and affordable housing apartments.
A pilot project is now underway to build 700 low-cost apartments in three major cities, with 50 per cent of the project scheduled for completion in 2018, according to the department.
The Yangon Region is to see 400 apartments, 200 in Nay Pyi Taw and 100 in Mandalay. The construction will be phased, Min Htain said.
Source: Eleven Myanmar
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