Government officials, however, continue
to tout their merits. “The projects will have no land cost as they will
be constructed on 200 acres of state-owned land,” the deputy director of
the Department of Human Settlement and Housing Development said.
Aye Aye Myint also said the new units
were far more valuable than those in other low-cost housing projects.
“The value of Yuzana Housing Project in Dagon Myothit Township was
between K1,000 and K1,5000 per square foot, while the value for the two
new projects is about K20,000 per square foot,” he said.
The cost of additional infrastructure is
included in the price, he added. “The portion of costs for other
infrastructural structures such as a market, school, amusement park, bus
terminals, water supply, electricity, road, meter unit boxes and lifts
will be included in the … K20 million,” Aye Aye Myint said.
A construction company owner, who asked
not to be named, said the price was double the price expected. “People
are expecting new apartments at not more than K10 million per unit. If
the land plots could be bought at 5,000 per square foot, the price of
the apartment would be K10 million,” he said.
Units at public housing projects managed
by the Department of Human Settlement and Housing Development in Dagon
Myothhit Township in suburban Yangon are valued from K3 million to K8
million. Some low-cost units sold by private firms can be bought for as
little as K1.2 and paid for by installment.
When discussions on the proposed
projects were held in Nay Pyi Taw, buyers were to be given 30 years to
pay for the units and they were to be affordable for people who earned
as little as K80,000 per month.
Aung Kyaw Oo, director of the Department
of Human Settlement and Housing Development, said “the term of
installment was reduced to 10-15 years and the price of each apartment
will not be lower than K8 million.” Monthly payments would need to be
K100,000 under this plan.
“My salary is K0.2 million a month,
which is the cost of living for my family,” a resident of Yuzana Housing
Project said. “I have to pay K30 thousand in rent each month, so I
cannot afford to buy the apartment if we have to pay K100,000 a month
for it.”
The Department of Human Settlement and
Housing Development will use K500 billion from the state budget to
build the apartments and then transfer them to the Yangon Region
Government for public sale.
source: Eleven Myanmar
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