As Mandalay offers low-cost flat, Yangon still relies on lucky draws
Land-grab victims are at the top of the list for new low-cost flats that will go on sale in Mandalay city soon, the Mandalay City Development Committee said.
A total of 1,344 units in the Myayinandar low-cost housing project will be sold for between Ks 6 million (US$6,000) and Ks 13 million each, it said, adding that 1,073 families had already been selected for the project. The flats come in three sizes: ranging from 484 square feet to 545.5 sq ft. Prices have been determined by size and floor level. A 30 per cent down payment is required, and mortgages can be taken out to pay the rest at three banks, the committee said.
Meanwhile, controversy continues to swirl around the “affordable housing” projects put forward by the Yangon Region government. Although more have been announced for outlying areas of the country’s largest city, their price tags still remain beyond the reach of most of its residents, critics of the projects say. They also question why a lottery-like system is being used to allocate the flats.
Units at two so-called affordable housing projects built under the supervision of the Yangon City Development Committee in northern Dagon Myothit Township went for between $20,000 and $30,000 each. Potential buyers had to draw lots to determine who would get them, according to the regional government’s system.