First Myanmar Investment Public Company Limited (FMI) has announced that during its first Special General Meeting held at the National Theatre in Yangon that it is to adopt a new constitution of the company in line with the Myanmar Companies Law. The new constitution will replace the company’s existing memorandum and articles of association. Per the new constitution, the name of the company will also change to “First Myanmar Investment Public Company Limited”, according to a company statement.

During the Special General Meeting, Serge Pun @ U Theim Wai, Executive Chairman of FMI shared details of City Loft, a new Real Estate project which aims to make homeownership accessible to a much wider proportion of Myanmar’s population.

“We are now developing City Loft, a new real estate offering targeting the underserved middle-income market in Yangon as we promised during the last FMI Annual General Meeting. City Loft combines a competitive price point with mortgage repayment terms of up to 25-years, making homeownership accessible to many who would traditionally be priced out of the real estate market.”

The first City Loft development will be built on a 22-acre master-planned site at StarCity in Yangon’s Thanlyin Township. City Loft will be developed in phases, with units in the first phase handed over to buyers in the first quarter of 2020. City Loft sales to shareholders opened on 21 December 2018, public sales of City Loft along with a sales gallery located at StarCity will open this month.

“Community is at the heart of our master plan for City Loft. The development has been carefully curated to facilitate modern living standards, as well as to allow an inclusive community to thrive. This is evident in the space set aside for commercial, communal and recreational areas,” added Pun.