Sampath Bank funds mega hotel development project in Myanmar

Sampath Bank PLC, a pioneer in introducing revolutionary financial solutions with a strong footing in the Sri Lankan market, announced that it had successfully concluded a loan transaction with Yangon based hotel developer Family Business Group Hotel Limited (FBGHL), Myanmar. This loan marks yet another giant stride in the steady rise of the Bank’s off-shore […]

Running Yangon’s largest hotel

The first thing one observes about Lotte Hotels & Resorts Yangon, Lotte Co’s newest hotel, is its sheer size: the property has 658 rooms. The second is the service. Step into the hotel and one is cheerfully greeted by employees eager to help with your umbrella and point you in the right direction. One wonders […]

Korea’s LOTTE to launch hotel, serviced apartments in Yangon

Korea’s LOTTE group will launch its awesome resort hotel and serviced apartments in Yangon on September 1 beside the picturesque Inya Lake in its march to become one of Asia’s formidable business conglomerates. Founded by Korean businessman Shin Kyuk-ho in Japan in 1948, LOTTE expanded into South Korea in 1967 with a range of confectionery […]

Parkland projects suspended pending plan

Yangon Mayor U Maung Maung Soe told the regional parliament yesterday that the YCDC was drafting a master plan and they would only allow projects to be carried out after it is drafted. “Some companies have requested us to draft the master plan as soon as possible. The buildings must be located 30 feet away […]

Government Lost Millions of Dollars as Large Firms Paid Rock Bottom Rents for Public Land – Report

Yangon’s govern­ment has lost bil­lions of kyat in po­tential revenue by leasing public space to local firms at rock-bottom rates, a report from the Auditor General’s Office has re­vealed. The report is based on an analysis of the Yangon City Development Com­mittee’s (YDCD) finances, which are not normally made public. Looking at the 2015- 2016 […]

International hotel chains open their doors in Myanmar

Since opening up the country, more tourists come and discover Myanmar and it is expected to grow even more. Therefore, more and more investors are seeing chances to begin their business here. That is why a lot of new hotels will open their doors as well in 2017. Since the new government, led by National […]

9 Acres of Marga Land Returned to Govt, but MP Demands More

The return to public hands of more than half a plot of land given to Marga Landmark Co for the relocated Dagon City real estate project in the waning days of the previous government is not enough for MP U Maung Maung Ohn, who yesterday called for more. Nine of the 17.7 acres of public […]

Construction Projects by Rangoon’s Inya Lake Suspended

RANGOON — Multiple construction projects on the site of a public garden occupying a peninsula in Rangoon’s Inya Lake were suspended on Monday by city officials, and will undergo an investigation. The projects have faced criticism from the public, the media and urban planners, for misusing public space intended for general recreation, and have faced scrutiny […]

Yangon MPs demand park protection

The Yangon Regional Government Rights Committee chairman Khin Maung Win has pledged to retake ownership of public parks. “We are monitoring the proposal on restoring ownership of public places for the people as a first priority. We are tracking the proposal to see whether the government will implement the proposal,” said Khin Maung on August […]

Meliá Yangon Hotel Opens in Myanmar

YANGON, MYANMAR — Meliá Hotels International has opened the Meliá Yangon, the first hotel operated by the brand in the country and a strategic project for its expansion strategy in the Asia Pacific region. Yangon is the country’s largest city and remains the biggest commercial center and main transit hub of the country, as well […]