Affordable Housing: The First Low-Cost Housing Expo

In order to own an apartment for very middle and lower income people, the very first affordable housing expo kicked off at MICT park in Yangon. 

The Ministry of Construction plan to sell over 2000 apartments in November at a cost of 9 to 12 million kyats. 

The purpose of this Housing Expo is to know more about affordable housing projects as well as to understand the procedure on disbursement of housing loan system to the public. 

Deputy Director , Department of Urban and Housing Development , Min Aung Aye: We build these affordable housings in Hlaingthaya and Dagon Seikan Townships. We are ready to sell 2208 rooms and arranging to build 8000 more apartments within two years. The affordable housing project include recreation places, community center, market, school and park as well as public transportation access. All housings are built with good resistance quality.

Managing Director , House.com.mm, Nitesh Khirwai : “Because of the rapid economic growth, you have a lot of people who are now trying to move towards middle class income and that come of challenges of the affordable housing. So, this expo is attempt to make those housing project available to pubic so that people who are rapidly moving anymore and can have an opportunity of buy the house for themselves......”

Construction and Housing development Bank (CHDB) provide housing loan for the public to own an apartment in higher purchase system. 

The public need to open housing saving account at CHDB Bank and can buy an apartment within 8 years housing mortgage loan system from the Bank.  

Assistant Manager , Construction & Housing Development Bank, Hein Wai Naung : We arrange the affordable housing mortgage system for the public. Firstly, the people need to pay 30 % down payment and the bank will provide installment loan system for remaining 70 %. We are planning to extend the housing mortgage loan period to 10 years. 

About 10 housing projects are implemented by the Ministry of Construction in cooperation with private developers across the country.

Visitor , Myint Myint San: I have a family but I have no house and now, living in my mother house.  So, I want to own house. I am now taking saving account for 30 % and want to buy an apartment from Kanaung housing project of Dagon Seikkan township. There are many applicants so I think it would be sold out by drawing system. 

Myanmar property portal, House.com.mm, organized the Expo in cooperation with the Construction and Housing Development Bank (CHDB) and the Ministry of Construction. The Expo will be held till Sunday.