Service Apartment in YangonAccommodation in Yangon
Myanmar Service Apartment - The best maintained flats in Yangon
Stressfree, luxury accommodation in the centre of the most sought-after part of Yangon. Myanmar Best Service Apartment, which has many benefits that will make your Yangon home enjoyment to the full. As we take charge of the household, pay various invoices and replace broken objects, you can focus on your visit to Yangon.
We would like to inform you that Green Vision is currently working on its range of Service Flats.
Necklace Propety Report - Yangon Service Apartment Q3 2017
Expats are looking for affordable accommodation of the highest standard but are fighting for a good equilibrium between the two. Colliers sees good chances for high-quality but inexpensive solutions with only a few ventures that meet the requirements. It also makes good business sense to offer developments with restricted service, as many companies have access to affordable accommodation.
Our aim is to encourage builders to increase affordable housing through smaller unit sizes, especially studio and one-room apartments, where there is very little rivalry from the rental housing markets. In the long run, we assume that there will be strong growth in this area. But at least in the immediate aftermath, the preferences for lower but better qualitiy will increase.
The range in the gas pipelines is being continuously expanded. Over 2,500 vehicles are to be finished within three to four years. A number of recently finished freehold flats of global standard may have an indirect certain amount of space on the markets. In our view, rental prices will become more attractive as supplies increase significantly in 2019 and 2020.
Lotte Service Apartments' completions in the third quarter of 2017 resulted in a significant 19% increase in QOQ, a new high since 2013. The number rises by 21% on an annual base, bringing the overall inventory to more than 1,900 items. However, most of these are classified as high-level and account for almost 70% of the overall volume.
Shangri-La Service Residences and Lotte Service Flats are among those rated as prime-class. Indeed, the opening of Yangon has set a new yardstick for a high level of service. The Lotte Service Apartment has the highest number of conveniences and furnishings in all service flats and is equipped with high-quality outdoor areas as well as state-of-the-art furnishings and upholstery.
Others are likely to be of similar calibre to Sedona Suites (Junction City) and Somerset Kabar Aye Yangon in the Pabedan and Bahan communities. Colliers anticipates that by 2020 the inner city zone will account for 67% of the entire inventory.
The Bahan and Yankin Townships continue to be favoured sites, with most of these being upmarket. Whilst there is currently a sound current trend in higher development activity, the significant increase in inventories between 2019 and 2020 may result in a significant oversupply. Colliers currently sees an undeveloped project business for smaller but better performing products.
They can be furnished with simple but practical furnishings, but still provide contemporary comfort. In addition to the high standard of living and affordable prices, the need for studios and one-room apartments is still undersupplied. Whilst in Yangon there is a progressive move towards one-room accommodation, both two and three rooms still account for a significant proportion of the population.
At the same time, the range of studios seems small at 3%. Usually, as can be seen in most of Yangon's Service Flats, this standard apartment is almost fully booked, while one and the two rooms are rented more quickly than those with more than one. As anticipated, however, there was a decline in the third quarter of 2017 following the completed Lotte Service Apartment.
This decrease was approximately 10% QOQ, similar to the decrease that occured when both SOHO Diamond and Shangri-La Residences together launched more than 300 entities in the third quarter of 2014. With a view to the future, we expect the letting level to rise slowly, as there will probably be a delay in building over the next two years.
However, the steady increase in relatively high-end condominium apartments may put negative pressures on capacity utilisation, albeit to a lesser degree. Most of these freehold flats are still unsuitable for the present market demands, although the apartments are based on the bigger apartments. In addition, a good level of maintenance and housekeeping is still a problem.
Lotus Served Apartment's mostly one-bedroom apartments pushed the mean lease (for the same entity type) to raise 13% QOQ in Q3. In 2018, we anticipate a slight improvement in rents, but from 2019 prices are expected to be at a more attractive level as supplies become significant.