Zhuoyuan Iskandar, a Chinese-Malaysian joint venture, is the latest in a line of foreign developers to use Yangon agents to market housing projects. Singaporean, Chinese, Thai and US properties have all been marketed in Myanmar.
Agent KAE Alliance Company is selling units in the company’s flagship project Paradiso Nuova Condominium, Ko Kyaw Min Zin, chief executive officer of KAE’s local subsidiary.
“We saw many good reasons for Myanmar customers to buy luxury apartments in Malaysia,” he said. “Housing there is cheaper than luxury housing here, and investors can make good profits from investing overseas.
The condominium is located in Iskandar, Malaysia, on a purpose-built site on the border with Singapore. Developer Zhuoyuan Iskandar is a joint-venture between China’s Zhuoda Group and Malaysian firm Medini Iskandar.
The condominium is due to be completed at the end of this year. It will comprise two tower blocks of 25 storeys each on 2.22 acres of land. Its 382 apartments range in size from 713 square feet to 6080 sq ft, with launch prices starting from 850 ringgit (US$192) per sq ft – lower than the average price for a luxury condominium unit in Yangon.
“This is the first time a Malaysian condominium has been on sale in Myanmar,” said Ko Kyaw Min Zin. “Foreigners cannot buy property in Malaysia if it costs less than 1 million ringgit, but there is no limit in the Medini development.”
Medini was built to generate investment and is the largest urban development project in Malaysia. It includes foreign hospitals, business parks, a Pinewood Studios and a Legoland theme park.
Foreigners buying apartments in the development are exempt from paying a 30 percent sales tax to the Malaysian government.
More than 80pc of units had been sold before the project went on sale to Myanmar, according to Ko Kyaw Min Zin. “Singaporean customers bought 76pc of the apartments sold and customers from Japan, Korea, China and Indonesia bought the other 26pc,” he said. “We have sold two apartments in Myanmar so far.”
He hopes to sell another 18 apartments at the launch event on January 23 at Hotel Esperado in Yangon, he said.
Source : http://www.mmtimes.com/