Apartments to be built on junta-owned land in Yangon under NUG plan

21 January 2023
Apartments to be built on junta-owned land in Yangon under NUG plan

The End of Dictatorship organisation announced that it had received over 300 pre-orders by 18 January for suites in the Spring Valour Condominium, a new development set to be built on land owned by the Military Council on Kabar Aye Pagoda Road in Yangon.

The National Unity Government (NUG) will seize the land from the Military Council and construct the condominium in accordance with the law. It will officially start selling the suites off-plan on 21 January.

The Spring Valour Condominium plot is in a prime spot and after the revolution high-rise commercial buildings, hotels, and business centers will also be built on the plot, according to End of Dictatorship.

The condominium will feature four types of apartments, including studio, one-bedroom, two-bedroom, and three-bedroom options, with a total of 850 apartments available. There will also be amenities such as a swimming pool, indoor gym, playground, walking path, backyard garden, BBQ pits, and parking.

Both local and international buyers will be able to purchase apartments in accordance with the rules and regulations.

The NUG plans to enact special laws after the revolution to allow foreign ownership of apartments.

According to End of Dictatorship, buyers will be able to pay 40 per cent of the condominium's value during the revolutionary period with the remaining 60% to be paid after the revolution. Once the 40 per cent is paid in full, a contract will be issued as proof of payment and initial ownership of the condominium.

Condominiums will cost between $18,750 USD and $40,500 USD.