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Low cost housing projects to be opened to foreign construction companies



Due to the chronic housing shortage that the current government has inherited, the new government will look at opening up low cost housing construction projects to foreigners if they are able to complete the project in 2 years.

In the past the government has invited Myanmar companies to participate in low cost housing projects but most lacked the financial resources and expertise for this kind of project. Moreover most Myanmar construction companies also double as developers and are more interested in building condominium and commercial buildings where it is easier to make money and to get funding from foreign partners.

Yangon’s housing is expected to reach 10 million by 2030 which put pressure to create 170,000 new housing a year of which 40,000 need to be affordable housing.

So far foreigners have not shown interest in low cost housing construction as there are many obstacles to foreigners getting a licence to operate a construction company from DICA, YCDC and the Ministry of Construction.

A more transparent process of registration and licensing in the construction sector will be required if the new government want to attract qualified and experienced foreign construction companies to partake in the low cost housing projects.

Source; Consult-Myanmar

 

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