doing business in myanmar – what you need to know as a singaporean
The Mandalay City Development Committee plans to sell affordable housing again next year, MCDC member U Kyaw San Myint said.
The agency plans to sell more than 540 units this month, but applications have far exceeded the number of units for sale, he said. However, people don’t need to worry if they are unable to buy a unit in this round, as more units will be offered next year, he added.
“We continue to build more housing. We can’t say how many, but another 1000 units will be sold,” U Kyaw San Myint said.
Applications for affordable apartments were accepted until Sunday and will be sold by a lottery system within two weeks.
In this round, 456 units will be sold – each one 661 square feet – in 19 six-storey buildings.
Buyers will have to pay a 3 percent commercial tax to the Revenue Department. Units on the ground floor will cost K26.4 million each, on the first floor K24.7 million each, on the second floor K22.6 million each, on the third floor K21.6 million each, on the fourth floor K20.6 million each, and on the fifth floor K19.5 million each.
“Those who win the lottery for units must deposit K500,000 as security. Last time, 86 units were won but not purchased, so people who needed units were left stranded. Now, we require winners to pay a security deposit. More than 1600 applications have been submitted for the 540 units being sold,” U Kyaw San Myint said.
The MCDC will improve roads, erect electricity poles and plant shady trees to develop the area.
Real estate taxes are a maximum K10.2 billion per acre in townships in the MCDC area, like Chan Mya Tharsi, Chan Aye Tharzan, Aung Myay Tharzan, Pyigyitagun, Maha Aung Myay and Amarapura. As real estate prices in downtown Mandalay are out of reach for the middle class, affordable housing will be in demand.
Source: Myanmar Times
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