Pub­lic com­pany to build gov­ern­ment hous­ing project

The Myanmar Times - - Business - ZAY YAR LINN za­y­yarlinn@mm­times.com – Trans­la­tion by Khine Thazin Han

PUB­LIC com­pany Myan­mar Con­struc­tion and Devel­op­ment will fi­nance and build a low-cost gov­ern­ment hous­ing project in Yan­gon.

Chair of Myan­mar Con­struc­tion and Devel­op­ment U Thar Htay con­firmed to The Myan­mar Times that his com­pany had en­tered into a part­ner­ship with the Min­istry of Con­struc­tion’s Depart­ment of Ur­ban Hous­ing and Devel­op­ment (DUHD).

U Thar Htay is also the vice chair of Con­struc­tion and Hous­ing Devel­op­ment Bank, which is ma­jor­ity owned by the Min­istry of Con­struc­tion.

“We will build the low-cost hous­ing for the gov­ern­ment. Af­ter the gov­ern­ment sells the apart­ments, the gov­ern­ment will pay us the money,” U Thar Htay said. “We will build five or six storey build­ings. The land is ready.”

DUHD direc­tor gen­eral U Min Htein con­firmed the gov­ern­ment would sup­ply the land, and use the pro­ceeds from the hous­ing sales to cover MCD’s con­struc­tion costs.

The DUHD chose MCD be­cause the firm is one of the few with enough cap­i­tal to un­der­take the project, U Min Htein said. MCD was also formed by ex­ec­u­tives and cen­tral ex­ec­u­tive com­mit­tee mem­bers from the Myan­mar Con­struc­tion En­trepreneurs As­so­ci­a­tion, which made it a par­tic­u­larly re­li­able firm, he added.

Many firms ap­proach the DUHD to dis­cuss low-cost hous­ing projects, but few have the req­ui­site funds to build a project with­out fi­nan­cial help, he said.

U Thar Htay said the low-cost apart­ments, which will be in East Dagon and Than­lyin town­ships, will cost from K10 mil­lion to K20 mil­lion. He was un­able to com­ment on how much the project will cost in to­tal, as the mat­ter is still un­der dis­cus­sion.

He said that he hopes to keep build­ing low-cost hous­ing across the coun­try as long as he has the back­ing of the Min­istry of Con­struc­tion. The DUHD is plan­ning to build 8000 low-cost apart­ments in Dagon, Than­lyin and Min­gal­adon town­ships.

Photo: Staff

A child walks past low-cost hous­ing con­struc­tion in Yan­gon.

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