Massive affordable Yangon housing project to span 74 hectares
A renowned Malaysian development firm is setting its sights on Myanmar.
Kuala Lumpur-based developer Berjaya Land will begin constructing “smart”, affordable residential properties in 2020 as part of a massive, three-phase development in Yangon, the Myanmar Times reported, citing the company’s chief executive Datuk Pee Kang Seng.
Covering 74 hectares of land, the USD624-million project will commence in January and complete over a six-year period, Pee briefed various Malaysian media on the sidelines of the Malaysia-Myanmar Connect seminar in Yangon.
“It will take maybe about six years to complete. But, we will start off with affordable housing, as it is primarily important, before we start looking at profit. I think if you come to a country like Myanmar, it is a recognised fact that housing is inadequate here,” Pee was quoted as saying by Bernama.
“So, this being the case, we can really look at affordability… whether people can afford expensive houses. To move forward, I think we need to address the affordable housing segment.”
The development will yield some 10,000 residential units in the low-cost pricing range. The developer has also reportedly allotted space for commercial structures, including some 1.2 million square feet in retail space, with plans for hospitals and international schools.
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