More Myanmar developers need to follow the example set by Yoma Land with its City Loft apartments, according to Colliers International.

Aimed at middle class buyers, apartments within the 22-acre Starcity site are now on sale, including one and two-bedroom apartment units.

Artist's impression of the City Loft apartments - Supplied Yoma Land

Colliers International said City Loft was a positive step for the country's residential market.

"Going forward, we continually advise developers to address issues around affordability by introducing competitively priced products, starting with looking at reasonably priced land," it said.

"Buyers are likely to gain more confidence towards basic but modern developments, smaller in size and priced more reasonably."

Phase 1 of the project, which is expected to be complete in early 2020, will include units priced between K42 million and K160 million.

According to City Loft, buyers have the option of applying for 25-year mortgage loans involving a 30 percent downpayment, with the installments carrying an interest rate of 13pc.

According to Colliers, favourable mortgage and deposit arrangements have the potential to change a market which has "which traditionally has been out of reach for majority, especially middle-income earners".

Click here for more information about City Loft, including floor plans and pricing details. 

Source: The Myanmar Times, Colliers International

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