ETC Singapore to ally with Yoma Bank in Myanmar Golden City project
By Stanislaus Jude Chan
/ The Edge Singapore |
SINGAPORE (Oct 2): Emerging Towns & Cities Singapore (ETC Singapore) has entered into a strategic partnership with Yoma Bank to provide affordable financing to Myanmar citizens for its flagship Golden City project in Yangon, Myanmar
Together with Yoma Bank, Golden City will introduce a 15-year home loan programme, offering instalment plans to locals looking to own the project’s high-end apartments and condominiums.
With home buyers required to pay a down payment of 30% of the residential unit’s cost, Yoma Bank will extend home loans to support the remaining 70% of the purchase price.
Source: ETC Singapore
ETC Singapore says Golden City has also expanded its search of financing options for buyers through ongoing discussions with other banks.
In a press release on Monday, the company says that with rental yields in excess of 10%, the Golden City project is “an attractive investment that generates returns above the average high-end residential projects in Yangon.”
“This initiative and collaboration with Yoma Bank is expected to alleviate the costs to be borne by the potential buyers which will match the growing demand for affordable housing,” says Tan Thiam Hee, executive director and group chief executive officer of ETC Singapore.
The article, written by Stanislaus Jude Chan, first appeared on The Edge Singapore
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