Singaporean property developer Wing Tai Holdings Limited has begun selling apartments in two projects in Singapore – The Crest and The Tembusu – to Myanmar locals, the company said.
Saw Thiha Maung, team leader of YPF Real Estate Agency, which is the Singaporean firm’s agent in Myanmar, said, “These Singapore apartments, which are currently under construction, will be sold in Myanmar so that the locals don’t have to travel abroad to buy the properties. We are also making arrangements for prospective buyers so that they can travel to Singapore to look at the property before making buying decisions.”
YPF claimed that 25 percent of 400 rooms available in The Crest has been sold, and 24 percent of 300 rooms available at The Tembusu was grabbed up.
YPF Managing Director Charm May Thu of YPF real estate agency said the selling price starts from 1 million Singaporean dollars.
These properties are being built over 5.8 acres of land with three 23-storey buildings and four five-storey buildings. The Crest will be finished in June 2018 and The Tembusu in February 2018.
Selling of foreign properties is not new in Myanmar. Local real estate firms have earlier pitched properties to wealthy Myanmar locals in Chengdu, the capital of China’s Sichuan Province.