Avoid Gambles: Yangon Chief Minister

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According to Yangon Region Chief Minister Phyo Min Thein, businesses should avoid high-risk investments as more major projects develop.

At a meeting between Vice President Myint Swe and the Federation of Chambers of Commerce and Industry (UMFCCI), Phyo Min Thei claimed that a deep water port project, a special economic zone and a new city development plan would soon be unveiled.

He cautioned against businesses building on land that might become part of a larger project.

The new city development plan, in the process of being submitted to the parliament, is due to begin its tender process for land developers in early 2017. He claimed that the lands would not simply be divided up among the winners but would instead observe international standards for tenders.

He also mentioned that the government would be “involved” in negotiating land prices.

“There will be a deep water port and an economic zone. The other side of Kyimyindine will also receive a city development plan. There are housing projects, both affordable and luxury, in the pipeline for all four corners of Yangon. There are worries that the quality of affordable housing will be too low so careful analysis is being carried out to smooth out the concern for quality for both ends of the spectrum. After the analysis, construction businesses will be notified. Any other information will also be provided in advance. This will be the best opportunity for construction businesses. The current state of real estate in Yangon is that land prices are high and the market is facing difficulties. I would like to urge caution against taking risks and going ahead on apartment buildings,” said Phyo Min Thein.

 

Source: Eleven Msyanmar

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