District court sets auction price for Aung San Suu Kyi’s former residence in Yangon
A person familiar with the case told Eleven Media that the district court ruled on January 25, 2024 that the floor price of the former residence of Daw Aung San Suu Kyi on University Avenue Road in Yangon was set at 315 billion kyats (around US$100 million).
The auction floor price of the residence determined by the court is between US$90 million and 100 million if calculated at the current exchange rate.
Regarding the division of the inheritance of U Aung San Oo and Daw Aung San Suu Kyi, since 2022, the Supreme Court of the Union has decreed that the entire residence should be sold at auction and shared the proceeds, as requested by U Aung San Oo.
It is known that the area of residence is 1.923 acres and 83,765.88 square feet.
Currently, there are reviews that land prices on University Avenue Road may only be worth around US$20 or 30 million according to current market prices.
A businessman who is a real estate expert said that since the floor price of this auction may be higher than the original price, there are hardly any locals who legally earned the money and will be able to buy this amount.
The residence is owned by Daw Khin Kyi, and upon the application of U Aung San Oo, the brother of Aung San Suu Kyi, to divide the inheritance of this residence and the Yangon West District Court has ordered that the two-story building and half of the land will be given to Daw Aung San Suu Kyi and the one-story building and half of the land to U Aung San Oo in 2016.
However, U Aung San Oo filed an appeal to auction off the entire land and divide the proceeds in half, not according to the decision of the court. At that time, the final order was made according to the previous order.
Unsatisfied with the court's final decision on the inheritance case, U Aung San Oo filed an appeal with the Supreme Court of the Union on October 17, 2018, and the Supreme Court of the Union dismissed the appeal on December 12.
After that, on January 11, 2019, U Aung San Oo applied for a special appeal to the Supreme Court of the Union, and on August 22, 2022, the Supreme Court of the Union reinstated the decree allowing the division of the inheritance regarding the residence as requested by U Aung San Oo.
Eleven Media
Asia News Network
