Tuesday 18 February 2014

YCDC draws lots for affordable housing

The Yangon regional government is set to draw lots to decide which of more than 13,000 applicants will receive permission to buy new low-cost housing at North Dagon township’s new Bo Ba Htoo housing project, a Yangon City Development Committee (YCDC) official said.

Located on Bo Ba Htoo road, the new housing project comprises a total of 593 apartment units, 330 of which are 55 square metres (614 sq ft) and will be sold for K25.5 million each. An additional 90 units, at 83 sq m (927 sq ft) each, are the most expensive in the compound and will be sold for K34.7 million each, said U Nay Win, deputy head of the department of engineering for the YCDC.

“Since this project is implemented by Yangon Regional Government, they will carry out drawing the lots,” said U Nay Win.

“After the Bo Ba Htoo project, another project, the Bo Min Yaung housing project, will be allocated to the public after it is completed,” he said, adding that the YCDC’s engineering department received more than 13,000 applications for the Bo Ba Htoo apartments during the three-week application window last month.

He also said that successful applicants may either pay the entire cost of a unit by taking out a bank loan or through installments that will be offered with a 30-percent down payment.

source: The Myanmar Times

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