MI signs MoU with foreign insurance companies for housing projects

Myanmar Insurance (MI) signed a Memorandum of Understanding (MoU) with Japan, Germany and Malaysia to cooperate on insurance services for the construction of one million housing units to be developed by the Ministry of Construction, at Myanmar Insurance on August 28. Dr Sandar Oo, Managing Director of Myanmar Insurance said: “The country needs to develop […]

Myanmar tackles housing for poor

Though Myanmar’s real estate sector last year faced many challenges, the government is planning to meet the housing needs of low-income people by working with development partners and private companies, according to speakers at the Myanmar Infrastructure Summit 2018 held March 20 to 22. Win Naing, deputy director at the Department of Urban and Housing […]

China ups its game in Myanmar’s SEZ race

CHINESE investors have expressed an interest in investing and developing the area across Yangon River and to construct an international airport, a port and housing projects, according to a local Chinese business association. The proposed locality and projects overlap with the prospective South Korea-led special economic zone. Members of the Yangon-headquartered Myanmar Chinese Chamber of […]

Union budget funds to go on housing projects in Ayeyawun and Yadana

Funds from the Union budget have been allocated to the construction of 11 residential buildings in Ayeyawun and Yadana. Eighteen other housing projects will be carried out in cooperation with private companies under joint ventures. The chairman of the Myanmar Construction Entrepreneurs Association submitted a proposal to Vice-President Myint Swe that the government provide more […]

Korean state firm eyes first industrial zone

State-owned Korea Land & Housing Corporation (KLHC) is collaborating with the Ministry of Construction on a new US$120 industrial complex, according to officials involved in the process. The Korea-Myanmar Economic Cooperation Industrial Complex is KLHC’s first project in Myanmar. The corporation is hoping to build the complex in the Yangon area, and is in talks […]

Yangon’s battle against strife

Yangon, the definitive major business hub of Myanmar has a lot to live up to its literal meaning – “End of Strife”. The bustling city was just a mere 80 square kilometers large in 1988 but by the year 2000, it grew to 240 square kilometers – almost 3 times the size – and by […]

Yangon squatter numbers booming

The number of squatter households has increased fivefold in the 19 townships of Yangon city, says researcher Zin Min who carried out extensive research into the slums of the city. He said the number reached almost 44,000 in townships such as South and North Okkalapa, Thingangyun, South, North and East Dagon, Dagon Seikkan, Dawbon, Thaketa, […]

Some Gov’t Housing Projects May be Rent-to-Own

A total of 1,864 apartments from affordable housing projects will be leased as rental units, said the Department of Human Settlement and Housing Development. The majority of low-income people cannot afford the price of low-cost apartments and even cannot pay the required down payment of 30 percent. “For low-income people, we will implement a rental […]

Ongoing housing developments fall short of local demand

Housing projects currently in progress in Myanmar can barely fulfill people’s need for shelter, according to the Department of Human Settlement and Housing Development. “Right now, public need differs from region to region. Few are working to fill these needs,” said Nay Min Htet, deputy director of the Department of Human Settlement and Housing Development […]

Yangon Region unveils low-cost housing plans

Yangon Region has set aside K100 billion (US$97 million) to build 10 affordable housing projects in the 2015-16 fiscal year, according to a senior official from the Department of Human Settlement and Housing Development. The funds are to be combined with other capital to build lower-cost housing developments in Yangon as well as Pathein and […]