Surging kyat closes foreign exchange desks

  Local banks suspended foreign currency exchange services yesterday as the kyat surged in value against the dollar, with financial industry sources variously pointing the finger at political speculation, market rumours and a lack of clear Central Bank policy. The kyat strengthened to K1248 against the dollar yesterday, according to the Central Bank’s rate, after […]

Yangon suburb real estate values rising

The price gap between real estate in downtown Yangon and properties in the suburbs has become very small, according to real estate professionals. The rates used to differ by two to three times back in the days, but the gap has become smaller since 2014. “In the past, when the rental rates in prime areas […]

Smaller apartments coming due to rules on space between buildings

Developers will need to construct new buildings further apart from existing structures according to new rules to begin next month. The rules’ drafters say it is an attempt to cut down on disputes and leave room for air conditioning units, though contractors say it will squeeze space for apartments and complained that too many rules […]

Glittering year for Myanmar’s golden pagoda

As he smooths a gold plaque on the glistening flank of Myanmar’s most prestigious Buddhist pagoda, a merchant pays his ancestors the highest honour — and contributes to a bumper year of donations to re-gild the sacred site. The Shwedagon Pagoda, which rises in a stately conical tower above downtown Yangon, has been at the […]

Yangon chief brushes off hotel project suit

The fight over the future of one of downtown Yangon’s most iconic colonial-era buildings intensified yesterday amid accusations of lying. The charge came only days after the Myanmar Lawyers’ Network had filed suit, for the third time, to block plans to turn the old Small Claims Court – the former headquarters of the Burma Socialist […]

Myanmar: the battle to save the built heritage of old Yangon

Without proper planning, the city could follow the path of many of its Asian neighbours in losing its architectural character Yangon is at a turning point. Since the beginning of economic reforms in 2011, dozens of new hotels, office and apartment towers have been built. Many more are being planned, together with mammoth infrastructure projects […]