Friday, August 18, 2017

Homes at Bangkok’s Whizdom 101 available for Myanmar buyers next week

Condominium units at Bangkok’s Whizdom 101 integrated development project will be available for sale to Myanmar buyers at the Novotel Yangon Max from July 22 onwards, said Nyan Linn Htet, a spokesperson for SQFT Global Properties, the project’s organiser in Yangon.

A buyer looks at a condominium model in Yangon. Similar units in Bangkok are expected to be well-received. Photo - EPAA buyer looks at a condominium model in Yangon. Similar units in Bangkok are expected to be well-received. Photo - EPA

Developed by Thailand’s Magnolia Quality Development Corporation, Whizdom 101 will be built across 87,000 square feet of land and comprise 673 condominium and office units in three towers, a department store and several community malls.

Each condominium unit will be priced at around K500,000 per square foot. Myanmar buyers will be given the option to apply for housing loans at United Overseas Bank and ICBC Bank, where they can opt for up to 70 per cent in debt financing for the units, said Ma Hnin Ei Lwin, head of SQFT Global Properties’ Myanmar office.

Buyers will be expected to pay 30 pc of the unit price upfront and begin servicing the remaining 70 pc after the project is complete in the third quarter of 2018.

Although located in Bangkok, units of Whizdom 101 are expected to be well-received.

“One square foot in a Bangkok condominium costs about the same as Yangon, that’s why we launched Bangkok housing here. Notably, buyers can also apply for housing loans from Bangkok banks and the interest rate is around 5 pc per year in Bangkok compared to 13 pc in Myanmar. They also have the option to pay via 3-to-15 year installments granted by the banks”, Nyan Linn Htet said.

Bangkok is also easily accessible to those who travel frequently between the Thai capital and Yangon. “There are 18 flights every day between Yangon and Bangkok and travel time is just 1.5 hours between the two cities”, said Ma Hnin Ei Lwin.

Currently, only units in the 41-storey Whizdom Connect Tower have been marketed for sale, with just 13 rooms available to residents of Myanmar, said Nyan Linn Htet. Under Thai law, foreigners are allowed to purchase up to 49 pc of the units in a development.