The price for a luxury condominium unit currently under construction by KHG Development starts at Ks 360,000 per square foot, according to the company’s senior executive.
“At the moment, one square foot runs between 360,000 and 400,000 kyats. The construction will take three years. Singaporean construction consultants will be involved with the project,” said Ye Pyae Aung, the senior executive of the company.
He added that permissions from both the Myanmar Investment Commission (MIC) and the Regional government were granted last month. The luxury condos will be situated in twin towers, each with 28 stories. At least 148 units will be installed.
Companies owned by Myanmar nationals are permitted to build hotels as well as condominiums with the approval of MIC.
Among the 12 sectors in which Myanmar citizens are allowed to invest, the construction sector attracts the most investment, followed by hospitality and tourism.
Source: ELEVEN MYANMAR