DAGON International Ltd, a major Yangon housing developer, will allow its customers to pay in installments over a one year period in a bid to attract more interest in its latest housing subdivision, the company’s director said.

The company still has 16 plots available at the 50-plot Thurein Yeik Mon project, which is located on Bayint-naung road near the Institute of Marine Technology Myanma Shipyard.

Dagon International director U Thurane Aung said that selling the plots using an installment system is necessary to fill the needs of the market as it is difficult for potential buyers to pay the full cost up front.

“When we analysed the market, we found people preferred the installment system to a cash-down system. Since the performance of the business sector as a whole is not good at present, people don’t want to invest a lot on one thing,” he said.

Under the loan scheme, 15 percent of the sale price is required up front with the remainder to be paid off in 12 monthly installments.

The Thurein Yeik Mon project includes plots of 446 and 818 square metres (4800 and 8800 square feet).

Following a set plan, the smaller of the two house designs costs K150 million while the larger one goes for K185 million. The prices include the cost of government taxes.

“We have different house designs and buyers can choose the one they like. They can negotiate with us and change the design,” U Thurane Aung said, adding that buyers can choose their own interior design as well as the colour of the house’s façade.

“The price will depend on the quality of the products we use. We will use the products that customers ask for but they have to pay for that,” U Thurane Aung said.

And while Dagon International cannot guarantee telephone lines, U Thurane Aung said the company would apply to the government on behalf of residents.
Nearly 70 percent of sections have been sold, although development at the site is yet to start.

“The first buyers bought plots as an investment. That is why most of them are still undeveloped. But this time we are selling [the remaining plots] to people who really want to move in,” U Thurane Aung said.

Real estate agents contacted to discuss the development said it was suitable for residents who want to live privately but it was not a good choice for people with only a commercial interest.