Yoma Land re­brands hous­ing projects to push sales

The Myanmar Times - - Business - YEE YWAL MYINT yeey­walmyint@mm­times.com

YOMA Land last week held an event to pro­mote and sell units at three of its projects: StarCity, Galaxy Tow­ers and Lo­tus Hill in Pun Hlaing Es­tate.

The projects were branded as spe­cial life­style res­i­den­tial homes equipped with spa­cious landed com­pounds, full ser­vices and fa­cil­i­ties. This at­tracted the in­ter­est of lo­cal and for­eign buy­ers, said U Kaung Thu Win, founder and di­rec­tor of shwe­prop­erty.com.

“Many peo­ple came to see the units as they were drawn to the life­style pro­moted by the projects. They like the large com­pounds that nor­mal con­do­mini­ums are un­able to pro­vide,” he said.

The projects show­cased the con­cept of a small town­ship with busi­ness, health­care, en­ter­tain­ment, sports and ed­u­ca­tion fa­cil­i­ties lo­cated within the same area, said Cyrus Pun, man­ag­ing di­rec­tor of Yoma Land.

For those in­ter­ested in pur­chas­ing units at ei­ther of the 3 projects, home loans are avail­able from Yoma Bank with a 25-year re­pay­ment plan. The mort­gage in­cludes a 30 per­cent down pay­ment.

For projects sold in US dol­lar denom­i­na­tions, ne­go­ti­a­tions will be made with buy­ers to re­duce the for­eign ex­change loss and the sales price will be based on the ex­change rate on the pur­chase date, said Pun Hlaing Hous­ing sales di­rec­tor U Lin Tun Ko.

At Star City, Zone A and Zone B have been fully sold and among the 400 units left in Zone C, around 100 have been sold, said Ma Theint Su Mon, a sales man­ager at StarCity.

The move comes at a time when the num­ber of res­i­den­tial prop­erty units has swelled, with more than 10,300 units due for com­ple­tion be­tween 2018 and 2020 in Yan­gon, ac­cord­ing to Col­liers In­ter­na­tional’s Q1 re­port.

Dur­ing the first three months of the year, the cu­mu­la­tive city­wide take-up rate rose by about 2.2pc from 57pc dur­ing fourth quar­ter of 2017. Sell­ing prices have also been trail­ing down­ward to be­tween US$1,458 and US$2,958 per sq m per month for mid­mar­ket to lux­ury prop­er­ties, ac­cord­ing to Col­liers.

Mass mar­ket push

Yoma Land was first launched in June as the real es­tate arm of Yoma Strate­gic Hold­ings, which is listed in Sin­ga­pore. The new divi­sion houses Pun Hlaing Es­tate, StarCity, Yoma Cen­tral and The Penin­sula Res­i­dences Yan­gon un­der its um­brella.

Yoma Land’s aim will be on pro­mot­ing home own­er­ship in Myan­mar. “We have com­bined our real es­tate projects un­der one brand, which we hope will help cus­tomers iden­tify us as a se­ri­ous real es­tate de­vel­oper,” Mr Pun told the me­dia in June.

Units of The Penin­sula Res­i­dences Yan­gon went on sale in March. The lux­ury project is be­ing de­vel­oped on a 10-acre site in down­town Yan­gon at the junc­tion of Sule Pagoda Road and Bo­gyoke Aung San Road. It is part of the $700 mil­lion Yoma Cen­tral mixed de­vel­op­ment project, which broke ground in Fe­bru­ary last year.

The Penin­sula Res­i­dences Yan­gon, which will in­clude 96 res­i­den­tial units, is ex­pected to be com­plete in 2021.

Part of Yoma Land’s strat­egy, Mr Pun said, will also in­volve ex­pand­ing into the mass mar­ket with low-cost hous­ing projects start­ing this year. So far though, no new an­nounce­ments have been made on that front.

Photo: Kang Wan Ch­ern

Cyrus Pun.

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