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Yangon Govt, Lexis Nexis ink MoU on real estate information system


THE Yangon Region government signed a memorandum of understanding (MoU) with Southeast Asia Lexis Nexis Co. Ltd for developing the Housing Real Estate Information System (HREIS) on 28 August in Yangon.

Speaking at the signing ceremony, Yangon Region Chief Minister U Phyo Min Thein said there are nearly 1.6 million households in Yangon. Of them, 64 per cent own houses and 36 per cent are renting accommodation, he said.

“Yangon is where migrants mostly come and settle. However, it has no reliable source of real estate information, which leads to difficulties in charting current prices, identifying tax avoidance, and contributes to market instability, so some buyers suffer. It is also difficult, with these inaccurate figures, to draw up future development plans,” he said.

“There are four stages in building a real estate information system – pre-scoping, selecting tenders, setting up the Housing Real Estate Information System, and maintenance,” said the Chief Minister.

“As Lexis Neixs has offered to conduct the pre-scoping free of charge, the MoU has been signed to launch the project,” he added.

With the setting up of the HREIS, facts and information about real estate will be available at one place. Laying down real estate policies, predicting property prices, and drawing up future development plans will also be made simpler with the collation of facts and information, said the Chief Minister. He then called for cooperation between related governmental departments and organizations for developing the information system. This was followed by the signing of the MoU.

Thereafter, the selling housing projects supervision committee presented a certificate of honor to RITZ Company which assists with technologies for selling fair-priced and low-cost apartments. Also present at the event were Yangon Region ministers and officials from Lexis Neixs Co. Ltd.

Source: Global New Light of Myanmar

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