A new “mass market terraced housing” project called Estella Townhouses is set to be developed at Star City in Thanlyin Township.
According to a notice published by Yoma Strategic on the Singapore Stock Exchange (SGX), the project will consist of a total of approximately 1,050 houses built over 46.88 acres.
It is currently planned to be developed over five phases, subject to adjustment depending on market demand.
Construction of phase 1 is expected to begin in December 2023 and targeted for completion in March 2025.
Development of the phases may overlap and each is expected to take 12 months to complete.
The final phase is expected to be completed by May 2025, subject to receipt of requisite approvals from the relevant authorities.
The developer has launched project sales for phase 1, with prices ranging from Ks450m to Ks630m for bare shell units, a sales representative told Myanmar Real Estate & Construction Monitor.
An official sales event was held on 7 and 8 October at the StarCity sales gallery in Thanlyin Township. All 527 units from phase 1 have already been sold.
Two types of units were sold in phase 1:
- End unit (Plot area - 1,235 sq ft, Floor area - 1,277 sq ft)
- Row unit (Plot area - 1,210 sq ft, Floor area – 1,277 sq ft)
Payment terms require a 30% down payment and the remaining 70% to be paid upon each construction milestone or a 10% down payment and the remaining 90% through a Yoma Bank loan.
Buyers will receive a grant certificate as proof of land ownership.
Project facilities include solar-powered electricity, security system, public spaces, swimming pool, restaurants and supermarkets.
The announcement of a new “mass market” component at Star City follows the success of the City Loft @ Star City apartment project, which targets the underserved mid-tier market and has sold all units in its 11 towers.
Yoma Land has also seen high demand for the new City Loft West project.
According to Yoma’s announcement on the SGX, a JV called YL Development will be formed between Thanlyin Estate Development Limited (“TED”) and Pun Hlaing Links Services Company Limited (“PHL”) to implement the Estella Townhouses project.
TED and PHL hold 80% and 20% of the shares in the JV company respectively.
The notice states that PHL will contribute the rights in respect of project and land development costs valued at Ks195bn, while TED’s contribution relates to development and construction costs, with the pro rata amount currently estimated to be up to Ks248 billion.
Any further costs will be borne by the shareholders of the JV company in accordance with their respective shareholding interest.
The JV company will be responsible for the development, sales and marketing of the houses of the project.
Yoma Development Group holds a 70% share in TED and First Myanmar Investment (FMI) holds a 30% share.
FMI also holds a 30% share in PHL and the Yangon Land Company (YLC) holds a 70% share.
Prominent Myanmar businessman Serge Pun is the executive chairman and controlling shareholder of FMI, executive and shareholder of Yoma Strategic and director and shareholder of YLC.
Project Design. Estella by StarCity Facebook Page
Photo: Yoma Land
About Star City
Star City is a mixed-use development owned by Yoma Strategic Holdings and First Myanmar Investment in Thanlyin Township near Thilawa SEZ.
It is the largest single residential development in the greater Yangon area, planned to cover 135 acres and include more than 10,000 residences and 1.7 million sq ft of commercial space on completion.
The development features projects covering a range of market price points, from mid-tier apartments to luxury villas, and has attracted large numbers of expatriate Myanmar buyers. The developers also offer a rental management service to owners.
Facilities include The Hangar food court and wet market, Star Ferry Terminal and Star City Links golf course.
The project includes the following components:
- City Loft (ongoing) – The project, built over 22 acres, is oriented as a mass-market project, targeting a subset of buyers traditionally underserved by Myanmar’s high-end condominium market. It contains studio apartments, a first in Myanmar, as well as one-bedroom, two-bedroom and three-bedroom apartments. Units in all 11 towers are fully sold. The eighth to 11th towers are currently under construction, with estimated completion dates of between October 2023 to 2025.
- Galaxy Towers (ongoing) – Also known as Zone C, is a high-end condominium project planned to comprise six high-rise towers containing more than 900 apartments. Two 28-storey towers were completed in early 2019 and construction is still ongoing on the third tower. Yoma Land is marketing the project through private sales.
- City Villas (ongoing) – Sales launched in August 2022. The villa project comprises 111 two-storey detached houses built on 2,400 sq ft land plots (40ft x 60ft).
- Star Villas (ongoing) – Sales were launched for the first two-storey villas in 2020. All of the 43 launched units (including Phases 1 and 2) were booked and sold.
- Zone A and B (completed) – Completed between 2014 and 2015, each zone consists of five buildings. Units in Star Residence, which had been designated for serviced apartments, was put up for sale under the same Aurora @ A5 in March.
Premium subscribers can access more detailed information about the project here.