Home Insider Interview with Ei Ei Naing Aung Business Development Director

Interview with Ei Ei Naing Aung Business Development Director

Name : Ei Ei Naing Aung

Position : Business Development Director

What is YPF’s most successful project?

The most successful project of YPF will be the Star City project in Thanlyin, which we think every one may know. We started this project with Cyrus Pun, the Executive Director of Yoma Bank and together with him, we organized the marketing strategies. This project became the biggest successful sale both in Singapore and in Myanmar. And now, we are currently providing the leasing for the clients who bought from that project.

What is the biggest challenge that YPF has faced?

As everyone can see, there has been many real estate companies nowadays, and as a Your Property Finder company, widely known as YPF, we have been trying to find out what kind of projects will be beneficial for both the customers and us. In order to achieve this, we sell projects from foreign countries. The main concern is that Myanmar people have trust issues which is their common sense. We had difficulties when we started doing this, and since  many other countries have Condo Law, but Myanmar doesn’t, we had to try brainwashing the clients. The Condo Law provides protection by the government. If a person buys a condo in advance, and with a condo law, that person doesn’t need to worry about the condo not finishing. In the event that the condo construction do not finish, the compensation will be in the legal document. Similarly, a developer cannot build as one likes since he/she has lots of criteria to fulfill. We have to explain circumstances like these to our clients. Again, we have to go and learn everything by ourselves of how the other countries have been functioning. We looked for the markets and then sell in Myanmar. By doing so, the clients have started to trust us. If people just went aboard and bought houses themselves without understanding laws, they could get into serious problems. The same  goes in Myanmar, we build customer relationships through explaining the kinds of law there are and advising which kind of project is safe when purchasing the house or condo.

How do you usually promote YPF Property?

In the past, we promoted YPF by advertising in journals. But now, we promote the company through Facebook and websites, and when we received projects we prepare events for our clients to be up-to-date. We attend and promote our brand in events of real estate in Myanmar and from other countries.

What are your future plans?

The future plan is to sell projects not only in Myanmar, but also in other countries, like we do in Singapore. Our targets are Bangkok, where most of Myanmar settle in. We would like to cooperate with other agencies to sell condos, and as a company’s brand, we would also like to improve condo developments. That’s our future plan.

Does YPF have joint ventures with other agencies?

YPF is an exclusive branch. But for now, we sell our projects in 7 countries, which include Thailand’s Bangkok and Pattaya, Japan’s Tokyo and Osaka, Malaysia’s Kuala Lumpur, New Zealand, and in United Kingdom, where we sell our condos to Myanmar people in London and Manchester. By selling in these countries, we have to advise the ideas and conditions of buying houses including like paying taxes. For example, like in order to buy a house, most common clients ask about their citizenships. And also we sale condominium in New Zealand for Myanmar people who want to study and work there. So, they can study, work and own a house at the same time. Although we are not a job offering company, we can arrange our clients to get a job back as a service.

How are the home loans affecting the market?

Home loan is the most important thing in real estate. In other countries, people get home loans for about 30-40 years when purchasing a condo. And since a house is indeed a necessary for a person, home loan sure plays a vital role. Even though home loan is just as important, what YPF hopes is for the home loans interests to be decreased and more houses will be easier to purchase. Next is foreign purchase… there are foreigners working in Myanmar who want to purchase a house. The thing is, banks do not provide bank loans for them.

So, what can banks do for them?

What we believe is that if there is a bank loan for them, this real estate sector will be different and better. Moreover, during the process providing of real estate services, there are many broker without license so we wish there will be more licensed companies.

What is your current opinion on the market?

For now, the world of real estate has been improved. In 2015, it was such a chaos and thanks to the change of government, the constructions of condos were ceased or stopped but things became in order again in late 2018. And the more economic improves, the more foreigners will visit. That will provide income in one way or another.

What are the differences between S i n g a p o r e r e a l e s t a t e a n d Myanmar?

Singapore’s real estate has software that shows the condos’ prices and taxes which is specific. And it has Condo Law which has government’s protection. These make the big difference between Singapore and Myanmar. There’s just one thing, since Singapore is a developed country the taxes are high. But if you ask about Myanmar’s taxes, I should say they are not low either. So, yes, if the bank interests and taxes decreased, it will be very effective and we are hoping that it will come true.

How would you like to advice to improve real estate sector in Myanmar?

I think the documents need to be clear and exact. All sides must be in equal standing, just as the developer must complete the construction of a building and the client must also be in the condition of having bank loans to buy, in order for the real estate sector to be improved.