Suu Kyi’s family mansion will be up for bidding again in August
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Ms Aung San Suu Kyi’s family mansion was offered for a sum equivalent to US$90 million (S$122 million) in March.
PHOTO: AFP
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YANGON – A junta-controlled court in Myanmar has set a rebidding for Ms Aung San Suu Kyi’s family mansion in Yangon in August at a lower floor price after an auction earlier in 2024 failed to draw any offers.
The 82,764 sq ft property with a colonial-style house near Yangon’s scenic Inya Lake will be offered at a floor price of 300 billion kyat, or equivalent to about US$70 million (S$95 million) based on the average open market exchange rate, according to people familiar with the matter who declined to be identified as they are not authorised to speak with the media.
The asset was offered in March for a minimum 315 billion kyat,
The auction is the latest attempt to settle a more than two-decade-long dispute between the imprisoned civilian leader Suu Kyi and her estranged elder brother Aung San Oo, who also claims ownership of the property.
The floor price has been adjusted for the August auction following a request by Ms Suu Kyi’s brother and due to depreciation of the kyat, said the sources. BLOOMBERG
