High-end condo planned in Yangon
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A 24-storey high-end condominium bloc called Royal Sayarsan will be built at Sayarsan Road in Bahan Township with plans for 60-per-cent local ownership, according to a press conference on Saturday.
The condo will have 164 flats and more than 50 have been pre-ordered before formal sales open. This includes an order for eight flats from a single person.
Kyaw Min Zin, managing director of Min Zin Agency Co, which is in charge of promoting the project, said the condo is planned with a 40:60 foreign and local ownership ratio. “We can’t disclose the exact amount. The prices range from 340,000 to 390,000 kyat per square foot. There’ll be a discount soon.”
The condo will be built on a half-acre-wide site with a 90-year lease starting late this year with completion set for December 2018.
“Speaking of investment, there is the landowner and project owner. This is not a foreign investment. The local ownership ratio is larger and 30-40 per cent foreign investment comes from Hong Kong,” he said.
The lease would need to be renewed when it expires, he said.
“It is up to the government whether we get a 60- or 90-year extension,” he said.
Investors in the condo are two local firms – Than Htike Lu Mining and Construction Company and Linyi Construction Company – and China-based Chang Geng Environmental Construction Company and Hong Kong-based HK City Sunshine Company.
