Friday, September 22, 2017

Affordable housing sold in installments

Affordable  housing being built in Mandalay by the Ministry of Construction will be sold using an installment system, according to U Kyaw Kyaw Lwin, head of the Department of Human Settlement and Housing Development.

The Mandalay housing is nearly completed. Photo: Than Naing Soe / The Myanmar TimesThe Mandalay housing is nearly completed. Photo: Than Naing Soe / The Myanmar Times

Installments will be due over a four-year period, and the system is being used to make the housing more affordable, he said.

The price has not yet been revealed, but U Kyaw Kyaw Lwin said he has proposed a price to the Department’s head office.

The development is located in Mya Yi Nandar Ward of Chanmyathazi township in Mandalay.

The large-scale project is being built by the ministry’s Special Construction Group (6) and seven private companies. The project began in July, and is set to include 27 buildings of four storeys. Each storey will have four units measuring 650 square feet.

“We have ordered construction to be completed in April,” said U Kyaw Kyaw Lwin. “They shall transfer the buildings to the department in May. After that, we will sell them to those who have real difficult in owning a residence.”

The department has a number of other construction projects planned, including a 22-building development in the same ward as the current project, with a total of 880 units planned.

“The head office’s planning department has nominated some tender applicants,” he said. “The buildings will be built in May after the tender winner has been confirmed.”

– Translation by Emoon