Japanese Housing Developer Tama Home To Establish A Condominium Joint Venture In Myanmar

Japanese housing developer Tama Home will establish a condominium joint venture in Myanmar to attract higher income buyers.

Tama Home and local partner KakehashiReal Estate Group will set up the new company, which will serve as the lead contractor on projects.

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Construction has started on a 541-sq-meter lot that will host a 12-storey building containing 23 units. The condos are expected to be completed in 2020 at a cost of roughly 300 million year ($2.74 million).
Depending on the success of the business, Tama Home will embark on one or two condo developments a year in Myanmar. Projects past the initial one will cost around 1 billion yen each in an effort to reel in up market buyers earning the equivalent of $90,000 or more annually.

In Japan, Tama Home is facing a market that is contracting amid a graying population. To counter that, the company seeks to generate 20% to 30% of sales offshore by 2030.

In addition, Tama Home opened up market condos in Cambodia, and the footprint has extended to Myanmar, where demand is expected to rise as the home loan market develops.

Credit SFJ Strategy First Journal
Translated by: iMyanmarHouse.com