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.

The 22-acre housing project in the Starcity precinct includes nearly 49,000 spuare metres of residential space, which is divided up into studio, one-bedroom, two-bedroom and three-bedroom options. 

At a glance:

• City Loft consists of one and two-bedroom apartment units on 22-acre site within Myanmar's StarCity.
• Development features some of Myanmar's first studio accommodation.
• Phase one of the project is expected to be completed by early 2020.

City Loft also incorporates commercial, communal and recreational spaces, including retail stores, a wet market/super market, and a plaza.

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."

Much of the development has been marketed toward first-home buyers, with an entry unit available for those looking to take their first steps into the market.

Inclusivity is also named as one of three key aspects of the City Loft brand on its website, along with Yoma Land's role in providing "security, community, environment, services and convenience".

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

The City Loft guidelines state that 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".

Article first appeared on Mingalar

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