We have created a joint venture to invest in Min Residences.
“The complex will be located next to the second central business district of Yangon. It will be first tower in Myanmar with 60 fitness and recreational facilities such as sports rooms, a gym, a kids’ playground area and swimming pools,” he said at a press brief at Novotel Hotel on May 16.
Min Residences will start construction this September and will be completed within three years, he added.
Although a construction permit was already issued by the previous government, the new government conducted a follow-up check and has also given green-light to the project, he added.
Located in Mayangone township at the corner of Mindama Road and Taw Win Road, Min Residences will be constructed on three acres of lands, involving US$250 million investment, according to U Soe Thiha Hlaing from Min Residences.
671 units in three towers will be built in total, and there will be 20 floors for each tower.
“A total of 614 residential units and 57 shops, restaurant, offices and childcare centres will be included. The first floor of all [three] towers will be restaurants and shops, the second floor will be shopping centres, the third floor will be offices and the last will be residential,” he said.
One unit will start from 600 square feet to over 5000 square feet and prices will start from $230,000, he added.
211 units from Tower B will begin sales in late May and will be sold with a three-year instalment without any interest rate, he said.
Min Residences is also in discussion with KBZ bank to allow sales with long-term instalment. Currently, KBZ Bank has agreed to provide a 15-year instalment, according to the information given.