A Developer with ambitions to build low-cost housing across the country is hoping to sign its third deal, to build thousands of apartments in Sagaing Region through a joint venture with a local company.
Infrastructure of Myanmar’s first contract to build low-cost housing in Hpa-an was approved by the Kayin State government in January. Since then it has signed another contract with a local company to build affordable housing in Mogok, Mandalay Region, and is waiting for government approval.
In Sagaing it hopes to build 2560 apartments of 600 square feet each in two towns in Katha district – Katha and Htigyaing – in collaboration with local firm Sein War Ni.
If the project is approved by the region government, units would be sold to the public through an instalment system at a rate of K30,000 per month, the company said at a press conference yesterday.
The plans have been submitted to the township and district administrators and work will begin as soon as a permit is granted by the cabinet, said U Khin Maung Toe, director of Infrastructure of Myanmar.
“When the cabinet grants its final permission we will start work as soon as possible. We plan to be able to hand over the rooms to buyers two years after the project is approved,” he said.
The project will be built on two sites – a 20-acre plot 3 miles from Katha town and another 20-acre plot near to Htigyaing. Both plots are owned by Sein War Ni.
“We are targeting the project at local residents. I think it will be approved by the cabinet since we intend it for the people,” said Daw Hnin, the company’s director.
Her company has already received 300 applications for rooms, she said. Infrastructure of Myanmar will build the project and receive 80 percent of the profits while Sein War Ni will take a 20pc share.
Thirty percent of the rooms, or 768, will be reserved for local residents, 1024 will be for government staff and the remaining 768 rooms will be for sale to the general public.
Buyers must be Myanmar citizens and prove they can pay the monthly instalments.
“The application must pass through a number of levels of government, and we will only start building once permission has been full granted with no complications,” said U Myo Thein, deputy director of Sein War Ni and a member of the Katha District Administration Committee.
“The government must scrutinise the project for the benefit of the people and the companies will have to keep their promise to development projects.”
The Infrastructure of Myanmar’s first proposal – to build low-cost housing in Hpa-an – was treated with extreme caution by the Kayin government, which investigated the company for more than an year before approving the project.
Saw Kyi Lin, Kayin State minister for electricity and industry, previously said the local government carried out a “detailed assessment” before agreeing to the proposal.
“To be honest, we felt some doubt when Mya Htay Kywe Linn and Royal Summit jointly submitted an application for this low-cost housing project,” he said. Royal Summit is a subsidiary of Myanmar of Infrastructure company.
“Even though we trust Mya Htay Kywe Linn because it’s a local company, we knew nothing about the other company, apart from the cheap price it was offering. We discussed the proposal many times.”
Translation by Kyawt Darly Lin
Quoted from mmtimes.
