YANGON: Aung San Suu Kyi's brother Aung San Oo has filed a request with the court to reduce the floor price of Suu Kyi’s former residence on University Avenue Road in Yangon by 10 billion kyats, from the original 300 billion kyats, according to sources close to the court.
According to people close to the court, San Oo's lawyer has applied to the court to reduce the auction floor price from 300 billion kyats to 290 billion kyats.
"If there is no one who will bid, they will reduce the floor price. If no one will bid, put a new floor price, the court said so. If no one wants to bid, it will be reduced. If there is a reduction, then Suu Kyi's side should not reduce it and keep it as it is.
"Once you set a floor price and reduce it once or more, then it turns out to be worthless," said a person close to Suu Kyi's lawyers.
The house on Yangon University Avenue Road was auctioned for the second time at the floor price of 300 billion kyats, but the auction was unsuccessful as there were no bidders.
The first auction sale of the house on University Avenue Road in Yangon was held on March 20, 2024, in front of the house, but the auction was unsuccessful as there were no bidders.
"If there is no one to bid, the court will ask if the respective person likes the floor price. If they have been asked, the defendant side will say not to reduce it. This is the value. There is no one to bid. There is no law that it must be reduced if there is no one to bid.
"If it is reduced because there is no one to bid, what will happen because it will become cheap without value? It must have a price," said a person close to Suu Kyi's lawyers.
In the first auction sale, the house was auctioned at a floor price of 315 billion kyats, but there were no buyers.
After the auction, San Oo's side submitted to the Kamaryut District Court to lower the floor price of the auction to 285 billion kyats, and Suu Kyi's lawyer team objected to the submission.
Then, on June 27, the Kamaryut District Court decided to sell the house at an auction floor price of 300 billion kyats without accepting the submissions of both parties.
The area of the former residence of Suu Kyi is 1.923 acres and has 83,765.88sq ft.
The house is owned by Daw Khin Kyi, and upon the application of San Oo to divide the inheritance, the Yangon West District Court ordered that the two-storey building and half of the land were given to Suu Kyi and one-storey building and half of the land were given to San Oo in 2016.
However, San Oo filed an appeal to auction the entire house and divide the value of the property in half, but the final order was made according to the previous order.
Unsatisfied with the court's final decision on the inheritance case, San Oo filed an appeal with the Supreme Court of the Union on Oct 17, 2018, but the Supreme Court of the Union dismissed the appeal on Dec 12.
After that, on Jan 11, 2019, San Oo applied for a special appeal to the Supreme Court of the Union, and on Aug 22, 2022, the Supreme Court of the Union re-imposed an order allowing the division of inheritance regarding the residence as requested by San Oo. - Eleven Media/ANN
