Yangon Gov’t to invite EOI for long-term affordable housing projects

The region government plans to invite EOI for businesses that can invest in the development of affordable housing projects on the state-owned lands for at least 15 years, said Yangon Region Chief Minister Phyo Min Thein at a press conference on June 29.

Investors are interested in the construction of affordable housing projects where an apartment is worth around Ks 10 million. The region government will invite those who can make long-term investments due to the 15-year limit. Investors will get Ks five billion in installments via the banks. It would take 15 years to reach a breakeven. Investors will earn 300 or 400 million in profit. The investment period is a bit long. The value of land will not be added to the apartment’s value. Buyers will get the ownership of these apartments built on the government-owned land, he added.

The region’s government will thoroughly scrutinize those that will sign on to invest at least 15 years as most of the people are grass-roots.

The affordable apartments will be sold at the Yangon City Gallery of the Yangon Metropolitan Public in Botahtaung Township. Currently, those who have deposited 30 per cent of the affordable apartment value at the Construction and Housing Development Bank can buy the affordable apartment in seven- or eight-year installment.

Source: Eleven Media Group

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