YANGON — Yangon Region Chief Minister U Phyo Min Thein has promised to accommodate the homeless in the region in the next three years before the National League for Democracy (NLD) government’s term expires in 2020.
The chief minister revealed the plan at the 14th meeting between Vice President U Myint Swe and businesspeople, at the office of the Union of Myanmar Federation of Chambers of Commerce and Industry in Yangon on Thursday.
According to the chief minister, a housing board will be established to sell apartments “not only to squatters but also to those who come and work in Yangon.”
The housing board will be opened at the former office of the Human Settlement and Housing Department on Bogyoke Road, he said.
The chief minister also promised to upgrade the industrial zones, besides implementing housing projects.
“It is very difficult to achieve immediate results in making those changes. Big projects need systematic management. But, we’ll complete them within the next three years,” said U Phyo Min Thein.
The housing board will be modeled after Singapore’s Housing and Development Board, and will sell apartments to working people in installments.
According to U Phyo Min Thein, the apartments will be sold for monthly installments of around 80,000 kyats for a period of 20 to 25 years.
“We are negotiating with international investors to build low-cost housing projects. The government will provide land and the developers will be responsible for construction,” he said.
The regional government has signed memoranda of understanding with some developers for low-cost housing projects, and will also invite more investment, he added.