THE number of housing savings
deposit account holders
at Construction and Housing
Development Bank (CHDB)
currently reached more than
20,000, according to a report
of the Myawady Daily.
The CHDB has been offering housing saving accounts since August 2016.
Under the bank’s rules and regulations, people wishing to buy an apartment from housing projects need 30 per cent of the home’s value in their savings account.
The qualified account holders may join the bank’s installment payment plan.
For the time being, over 20,000 individuals opened housing savings account at the bank.
However, there are only a thousand account holders, who are able to pay 30% down payment for the apartment, said a spokesperson of the bank.
Housing demand will be driven by Myanmar’s growing population, which is estimated to rise from its current population of 51 million to 70.56 million by 2040.
It is estimated that the commercial city Yangon will require one million new units by 2040. According to the 2014 census, there were 1.58 million housing units in the city.
To fill the housing requirement of people, the Housing Development Department plans to build around 100,000 housing units within next five years.
The city authority will promote cooperation mainly with Japan, China and South Korea for the purpose of filling housing needs of Yangon residents by creating sufficient units of both residential and commercial housings.