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Emerging Towns & Cities taps Yoma Bank to offer home loans in Yangon project
EMERGING Towns & Cities Singapore (ETC Singapore) is tying up with Yoma Bank to provide home loans for buyers of its Golden City project in Yangon, Myanmar.
Under the strategic partnership, Yoma Bank will offer financing through 15-year home loans for up to 70 per cent of the purchase price, ETC Singapore, a property developer, said in a press release.
The loan comes on the heels of Myanmar's Condominium Law, which allows foreigners to buy property in the country, and is expected to be passed soon.
The Golden City project is a mixed-use luxury development project located in the exclusive Yankin township of Yangon, Myanmar. According to ETC, the Golden City project has generated returns ranging from US$2,500 to US$3,000 per month for the two to four bedroom apartments.
Mr Tan Thiam Hee, executive director and group CEO of ETC Singapore, said the collaboration with Yoma Bank is expected to help defray the costs for potential buyers.
"The group aims to make the comforts of high-end luxury living more accessible to locals as improving standards of living in Myanmar continues to grow in line with its sanguine economic outlook," he said.
The company says its Golden City Business Center will commence operations from this month. Golden City is looking to partner more banks for similar financing arrangments, according to the release.