Singapore’s largest private property developer Far East Organization will open a sales office in Yangon, officials said on November 12.
The company will join with local firm Min Zin Agency for sales and marketing of their units in Singapore to Myanmar customers.
Far East Organization has already been expanding their sales and marketing efforts into Myanmar, said Ko Kyaw Min Zin, managing director of Min Zin Agency.
“They already have Myanmar customers for their Singapore properties. Now they want to make the place a base of operations. That’s why they will open an office in Yangon very soon.”
The office should be open before the end of the year, with Min Zin’s assistance. It will offer units from 20 projects. Founded in 1960, with its first residential development completed in 1962, Far East Organization says it has over 750 developments in Singapore’s residential, hospitality, retail, commercial and industrial sectors, including 45,500 – or one in every six – private homes in Singapore.
“Far East has been selling their Singapore units to Myanmar buyers since 2009,” Ko Kyaw Min Zin said.
Singapore has few restrictions on foreigners owning condos, which along with its close geographical proximity makes it a good place for Myanmar people to live or to invest, he added.
The firm is also considering future investment in Myanmar’s property scene.
Company officials have come twice, but have yet to commit to a development.
There are, however, a number of differences between the two markets. One impediment in Myanmar is the legal situation governing the property sector, as it is still evolving, while Singapore has had its condominium law for over 20 years, said Ko Kyaw Min Zin.
Foreigners are currently barred from owning property in Myanmar, though under the most recent draft of the long-awaited condominium law, foreigners will be allowed to own land in certain situations, if the law is approved.
Once a Myanmar condominium law is strongly in force, customers will buy able to buy without worrying for the future of their condos.
Property is also quite expensive in Myanmar compared to the average person’s salary, particularly as there are no long-term, low-interest loans, while in Singapore, more middle-class people can afford condos.
Source: MYANMAR TIMES