July 1, 2024
YANGON – The auction price of Daw Aung San Suu Kyi’s former residence on University Avenue Road in Yangon has been reduced to 300 billion kyats (US$92 million) by the Kamaryut District Court, according to sources close to the legal community.
It was auctioned for 315 billion kyats on March 20, but the auction was unsuccessful as there were no bidders for it.
The Kamaryut District Court ordered that the floor price of the house was set at 315 billion kyats on January 25, 2024, and the auction was held. As the auction was unsuccessful, U Aung San Oo applied to the court to lower the bid price to 285 billion kyats. After the court hearings, the auction price was reduced to 300 billion kyat.
It is also reported that the auction sale of house will be held on August 15.
Regarding the division of the inheritance of U Aung San Oo and Daw Aung San Suu Kyi in 2022, the Supreme Court of the Union ordered that the entire residence should be sold at auction and share the proceeds, as requested by U Aung San Oo. On January 25, 2024, the Kamarut District Court issued an order setting the auction floor price.
The area of the residence is 1.923 acres and has 83,765.88 square feet in total.
Currently, the auction price of the residence is high comparing with the current market prices, said a businessman who is a real estate expert.
He said that since the floor price of the auction may be higher than the original price, there are hardly any people who have money that is legally earned in the country who will be able to buy this amount.
The residence is owned by Daw Khin Kyi and upon the application of U Aung San Oo, the brother of Daw Aung San Suu Kyi, to divide the inheritance of the residence, in 2016, the Yangon West District Court ordered to give the two-story building and half of the land to Daw Aung San Suu Kyi. It has been decreed that the one-storey building and half of the land should be inherited by U Aung San Oo.
However, U Aung San Oo filed an appeal to divide the auctioned value of the entire residence, not according to the court’s decision, but at that time, the final order was made according to the previous order.
Unsatisfied with the court’s final decision on the inheritance case, U Aung San Oo filed an appeal with the Supreme Court of the Union on October 17, 2018, and the Supreme Court of the Union dismissed the appeal on December 12.
After that, on January 11, 2019, U Aung San Oo applied for a special appeal to the Supreme Court of the Union, and on August 22, 2022, the Supreme Court of the Union re-imposed an order allowing the division of inheritance regarding the residence as requested by U Aung San Oo.