No bidders at second auction for Suu Kyi’s house; floor price 300 billion Kyats
The second auction of Aung San Suu Kyi’s residence ended without any bids, as the set floor price of over 300 billion kyats deterred potential buyers. The property, located at No. 54 University Avenue in Yangon, failed to attract any offers.
The first auction was held on March 20, 2024, at No. 54 University Avenue in Yangon’s Bahan township, the two-acre site of the lakeside home. The bidding price at the first auction was set at 315 billion kyats but there were no buyers.
Initially, the first auction, held on March 20, 2024, set the price at 315 billion kyats, but it also failed to attract buyers. Following this, U Aung San Oo requested the Kamaryut District Court to lower the floor price to 285 billion kyats. Aung San Suu Kyi’s legal team opposed this request. Ultimately, on June 27, the court decided to set the auction floor price at 300 billion kyats, rejecting both parties' proposals.
The property in question covers 1.923 acres (approximately 83,765.88 square feet). According to a real estate expert, the current auction price is significantly higher than the market value for properties in the University Avenue area, which may be discouraging potential buyers.
The house is owned by Khin Kyi. Upon the application of U Aung San Oo, Aung San Suu Kyi's elder brother, to divide the inheritance of the house, the Yangon West District Court ordered that the two-story building and half of the land to Aung San Suu Kyi and the one-story building and half of the land to Aung San Oo, in 2016.
However, U Aung San Oo filed an appeal to auction the entire yard and share the value of the property, not according to the decision of the court, but at that time, the final order was only 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, but 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 re-imposed an order allowing the division of inheritance regarding the house as requested by U Aung San Oo.
Eleven Media
Asia News Network
