Myanmar’s Civilian Govt Raises $10 Million from Yangon Condo Presales
By The Irrawaddy 23 January 2023
Myanmar’s civilian National Unity Government (NUG) raised over US$10 million in just 18 hours from the presale of apartments in the Spring Valour Condominium to be built on military-owned land in Yangon.
The sale is the latest effort by the NUG’s Ministry of Planning, Finance and Investment (MOPFI) to raise funds for the ongoing revolution against the military regime by selling or auctioning military-owned property.
Spring Valour Condominium, the MOPFI’s first such project this year, was announced on January 14 and sold out on January 21.
The condominium will be built on land currently owned by the military on Kaba Aye Pagoda Road, a prime location in Yangon. The condominium has a total of 770 apartments valued from $18,750 to $40,500.
Within 18 hours of the sale opening, 96 percent of the apartments worth a total $10.09 million had been sold, far exceeding original estimates, according to the MOPFI.
U Tin Tun Naing, MOPFI minister, said on Facebook that the success of the sale demonstrated the people’s will to participate in rooting out dictatorship.
“The Spring Valour project is actually a victory for the people, the will of the people and the hopes of the people,” he said.
MOPFI said that buyers are required to make a down payment of 40 percent, with the rest to be paid after the revolution ousts the military regime. The condo will feature a swimming pool, indoor gym, playground, walking path, gardens, barbecue pits and car parking.
“I believe it is the duty of all people to contribute to the revolution with money that can be made again, while others make the ultimate sacrifice with their lives,” said one buyer.
The condominium’s prime location will be augmented by a hotel and business centers after the revolution, the civilian government said.
The NUG also plans to sell three fair housing projects named Nway Oo San Yeit Mon in Yangon Region. The projects will comprise a total 2,500 homes built on military-owned land in the townships of Hlaing Tharyar, South Dagon and Mingaladon.
MOPFI has so far raised about $100 million from various similar projects, including the sale of two houses owned by junta boss Min Aung Hlaing and other land owned by the military. It aims to raise about $250 million by the end of this year.