Yoma Land rebrands housing projects to push sales
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.