Yoma Land has revealed details of City Loft, a new real estate offering targeting the underserved middle-income market in Yangon.
City Loft combines a competitive price point with mortgage repayment terms of up to 25-years, making homeownership accessible to many who would traditionally be priced out of the real estate market.
The company says the new residential offering will make homeownership accessible to a wider population.
“The introduction of City Loft represents a major milestone, not only for Yoma Land but also for Myanmar’s real estate sector as a whole. Until recently, local banks provided limited lending with mortgage repayment terms typically just five years. With this lack of financing and the relatively high cost of housing, new home ownership has traditionally been out of reach for most people. Yoma Land’s favourable mortgage and deposit arrangements will change this, allowing young working professionals to get on the property ladder and secure their financial futures,” said Serge Pun @ U Theim Wai, Executive Chairman, Yoma Strategic and FMI.
The first City Loft development will be built on a 22-acre master-planned site at StarCity in Yangon’s Thanlyin Township (“City Loft @ StarCity”). City Loft @ StarCity will be developed in phases, with units in the first phase handed over to buyers in the first quarter of 2020. Sales to members of the public will open in January 2019 along with a sales gallery and showroom located within StarCity.
“Community is at the heart of our master plan for City Loft @ StarCity. The development has been carefully curated to facilitate modern living standards, as well as to allow an inclusive community to thrive. This is evident in the space set aside for commercial, communal and recreational areas, and is very much in line with Yoma Land’s wider mission - to Build Better Communities for the Future of Myanmar,” added Pun.
City Loft @ StarCity offers open plan studios, a first in Myanmar, as well as one-bedroom, two-bedroom and three-bedroom apartments. All studios and apartments will be designed in line with Yoma Land’s commitment to security, community, environment, services and convenience. Residents will enjoy various commercial, recreational and social amenities, with plans in place to construct a swimming pool, gymnasium, garden area, retail plaza and YBS bus terminal.
Studios and apartments in City Loft @ StarCity’s first phase will range in price between MMK 42 million and MMK 160 million depending on size and specification. The City Loft offering further combines favourable mortgage repayment terms with domestic banks. Interest rates are set in line with the Central Bank of Myanmar and buyers are able to make a 30% deposit with the remaining 70% payable over 25 years. Once the deposit is made, buyers can own a City Loft studio apartment for as little as MMK400,000 per month.
Located along the shore of the Bago River, StarCity is a 135-acre residential development in Thanlyin Township and is the only large-scale residential development near the Thilawa Special Economic Zone (“SEZ”). StarCity is being developed in phases and is expected to feature some 10,000 homes and 1.7 million square feet of commercial space upon completion. Residents can enjoy facilities such as a gymnasium, a swimming pool, a golf course and other sports facilities. It also has a wide range of amenities including StarCity Dulwich College, which is the largest international school in Myanmar. StarCity also won the “Best Landscape Architecture” award at the Property Guru Myanmar Property Awards (2015).
The Group had sold more than 2,000 apartments in StarCity’s Zone A and B as at 31 March 2018.
With a mission "to Build Better Communities for the Future of Myanmar", Yoma Land is a leading property developer and landlord in Myanmar. Acting as the umbrella brand for the Real Estate businesses of Singapore Securities Exchange Trading Limited listed Yoma Strategic Holdings Ltd. and Yangon Stock Exchange listed First Myanmar Investment Co., Ltd, Yoma Land focuses on township projects and aims to build communities that are attractive, safe and vibrant. Yoma Land currently has three large-scale property developments comprising two residential projects – StarCity, and Pun Hlaing Estate– and a mixed-used development – Yoma Central and The Peninsula Yangon. These three key projects aim to transform and shape Yangon’s city landscape through an emphasis on innovative designs, building standards and product range.