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 […]

More Low Cost and Affordable Housing Units to be Added

The Urban and Housing Development Department, under the Ministry of Commerce, will finish some of its housing projects by March next year. This program will add up to 2,500 low cost and affordable housing units to the market. The Urban and Housing Development Department has been building, and developing low cost housing by means of […]

Govt Investment Director Confident in Foreign Investment Despite Rakhine Conflict

YANGON — U Aung Naing Oo, director-general of Directorate of Investment and Company Administration under the Ministry of National Planning and Finance, talked to The Irrawaddy reporter Shwe Lay about foreign investment in Myanmar and the government’s plan to promote it. How much investment has Myanmar had over the past year? Which countries are the […]

Singapore to invest $316m in housing

The Myanmar Investment Commission (MIC) has allowed two Singapore companies to invest over US$316 million in two Yangon housing projects, according to the Directorate of Investment and Companies Administration (DICA). “A Singapore company will invest US$35 million in a housing project and another firm will invest US$280 million in a separate project,” said an official […]

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 […]

Government plans housing for 16,000 factory workers

The government is planning a housing rental project for 16,000 factory workers from Hlaing Tharyar and Shwe Pyi Thar industrial zones, according to Daw Win Maw Tun, deputy minister for labour, in the first such move to support the private sector. The housing will be dormitory-style for single men and women, with the intention to […]

Labourers to be Housed at Hlaingtharyar

A housing complex for labourers is set to be established in Hlaingtharyar in Yangon. U Myat Thin Aung, president of Hlaingthartar Industrial Zone, said that this housing complex is being established by the owners. The authorisation has been granted from the Department of Human Settlement and Housing Development for land rental under a five year […]

Affordable housing sold in installments

Affordable housing being built in Mandalay by the Ministry of Construction will be sold using an installment system, according to U Kyaw Kyaw Lwin, head of the Department of Human Settlement and Housing Development. Installments will be due over a four-year period, and the system is being used to make the housing more affordable, he […]

Yoma Claims Bumper Sales at Galaxy Towers

Almost 20 percent of the first release units of Yoma Strategic Holdings Ltd’s new residences at its flagship Star City project were reserved during the initial 24 hours of sales, the Singapore-based, Myanmar-focused conglomerate said. Yoma claimed it experienced “strong” sales at Galaxy Towers as it opened sales in mid-February and that “dozens of apartments […]

Kyaukphyu SEZ: Economic Reality or Pipedream?

The development of a special economic zone (SEZ) around Kyaukphyu in Myanmar’s Rakhine State could move closer to reality before the end of the year with the naming of tender winners for the development of factories, new housing and infrastructure. Twelve foreign and domestic firms have been shortlisted by the SEZ development committee, which failed […]