YANGON: A junta-controlled court in Myanmar has set a rebidding for Aung San Suu Kyi’s family mansion in Yangon in August at a lower floor price after an auction earlier this year failed to draw any offers.
The 1.9-acre (82,764sq ft) property with a colonial-style house (pic) near Yangon’s scenic Inya Lake will be offered at a floor price of 300 billion kyat, or equivalent to about US$70 million based on the average open market exchange rate, according to people familiar with the matter who declined to be identified as they’re not authorised to speak with the media.
The asset was offered for a minimum 315 billion kyat which was equivalent to $90 million in March but the bidding flopped.
The auction is the latest attempt to settle a more than two decades-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 Suu Kyi’s brother and due to depreciation of the kyat, said the people. - Bloomberg
