Yoma Strategic Holdings’ real estate arm, Yoma Land, says it plans to develop its first suburban commercial property at StarCity on Nov 30.
It also intends to build a second real estate development under the “City Loft” brand in another part of Yangon.
The City Loft is one of Yoma Land’s flagship developments in the east of Yangon, which offers modern affordable apartments designed to cater to the underserved middle-income population in Yangon.
Its first development City Loft @ StarCity continues to attract “strong buying interest” especially from first-time home buyers due to its competitive price point and mortgage repayment terms of up to 25 years.
Following its success, Yoma Land says there is a need to develop a second City Loft development in another part of Yangon to bring work closer to home for potential buyers.
It adds that it is in the midst of procuring the second City Loft site in a well-developed township. The project is expected to sustain more than 3,000 units.
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“When we launched City Loft @ StarCity, we saw a pent-up demand in home ownership for first time buyers. The sales volumes generated from City Loft @ StarCity have been much higher than our previous projects and the strong demand for the product demonstrates that there is a young aspiring middle class population looking to own their first home,” says Serge Pun, Yoma Strategic’s executive chairman.
“The development of a second City Loft development allows us to expand our coverage in Yangon to cater to this group of buyers who are looking to live close to their places of work,” he adds.
In addition, Yoma Land plans to develop its first suburban commercial workspace called Star Hub. It is targeted to be completed by the end of 2021.
The space aspires to offer long-term economical workplace solutions that are community-driven and provides people with options to work and live in closer proximity due to its decentralised location.
The first phase of Star Hub would comprise a low-rise office facility that can yield a gross floor area (GFA) of some 290,000 square feet.
According to Yoma Land, the project has received long-term leasing commitments from “prominent technology and financial services companies” occupying over 50% of the office space.
“With the pandemic, the importance of the environment where you live, work or invest has been magnified significantly. Whilst we expect the economy to bounce back from the effects of Covid-19, we take a long-term view of market trends and will continue to develop communities that reap the benefits of long-term investment,” says Pun.
The targeted sites for both projects are not currently part of Yoma Strategic’s existing landbanks.
Shares in Yoma Strategic closed flat at 30.5 cents on Nov 27.