Despite growing skepticism over the capabilities and credential of real estate developers in Myanmar, Singapore’s Oxley Holdings Ltd has joined hands with its local partner, Mottama Development Group Co, to develop a luxury condominium in the nation’s commercial hub.
Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings, said at a media briefing on Tuesday their property, entitled “Min Residences”, would be the first property in Myanmar to be introduced with more than 60 fitness, wellness and recreational facilities.
“We are confident that the property market will see an upswing after the market re-adjustment period that we just recently underwent. The demand for higher levels of living is very strong in Myanmar as it races to catch up with the neighboring countries,” he said.
“With attractive prices, our development will reignite interest in the property market. We still see challenges and there will be hurdles to overcome but the future prospects of the industry are bright. This is one of the best times to buy when the market is not at its peak.”
He said the development would comprise of three towers, and the construction is expected to commence soon and will be fully completed within three years. Designed by international architect a+p Group which has a presence in countries such as Singapore, China as well as Philippines, Oxley Holdings will take the leading role in the construction to ensure international standards.
Kwong expects an estimated gross development value of more than $250 million, which the two firms will invest equally. He considers its location as the best attraction for buyers, as Mindhama Road is very near to the second Central Business District, and 10 minutes away from the Yangon international airport.
To him, facilities such as a bouldering wall for rock climbing enthusiast, a 200m jogging track, putting green and an Olympic length 50m-lap pool will be included in this mixed development with 2 basements and 20 storeys. Upon completion, there will be a total of 614 residential units and 57 commercial units including shops, restaurants, offices and childcare facilities.
Kwong said that advanced construction methodology would be employed to ensure its structures are all in compliance with international standards. He said there are 300,000 Burmese working in Singapore, and most of them want to return home if there are properties that can provide them with proper standards of living.
Yang Ho, managing director of Mottama Holdings, said the development had been approved by Yangon City Development Committee and the construction would resume in mid-September.
He said the property would be built on a privately-owned renewable 60 years Grant Land. He said the first phase which consists of 211 units would be sold at a private preview on May 27-28.
“With a land size of over 3 acres of land, it is well-positioned to be able to take advantage of the condominium law when it comes into effect,” he said.
Yang Ho said they would set up a fund for housing management, once the apartments are handed over to the buyers. He said the firm also planned to implement two low-cost housing projects in the outskirts of Yangon_ Mingalardon and Hlaing Thar Yar townships.
According to Yang Ho, the developers are now negotiating with KBZ, Myanmar’s largest private bank, to offer a hire purchase payment system which allows the buyers to pay the costs on a monthly basis within 12-15 years.
For those who prefer making direct payment, 5 per cent of payment will be collected at the time of contracting, 15 per cent within 8 weeks and 10 per cent every six months.
The condominiums with two bedrooms will be sold at $230,000-260,000 while three-bedrooms ones would cost around $300,000- 400,000, depending on the size and facing of the unit.
Asia News Network