Local property developer iGreen Company has begun selling the units at its Royal Thukha Condominium project in Hlaing township in Yangon, company sources said.
The 12-storey condo is offering 293 units with a parking spot for each.
Construction of the project will kick off in 2016 and the apartments will be handed over to the customers in 2019. The one acre project land was leased for 60 years by iGreen.
The area of each unit is between 700 square feet (sqft) and 1,000sqft, while the prices are between K140,000 per sqft and K180,000 per sqft.
“We are selling our condos through an instalment program where customers will only need to pay about K800,000 per month. We want to help people own an apartment. Everyone dreams of owning an apartment. But the dream does not come true as people keep paying rent,” said U Naing Lin Thein, managing director of iGreen.
The payment shall be made monthly for 10 years. The currency exchange rate will be set at K1,000 for one US Dollar for the first four years of payment and the rate will be adjusted according to the market rate for the final six years.
As a promotional offer, iGreen will pay the buyer tax for the customers for the first 100 units.