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Myanmar to construct national water resources committee headquarters with World Bank loan

YANGON, June 13 (Xinhua) — Myanmar has borrowed 10 million U.S. dollars’ loan from the World Bank to construct the headquarters of the National Water Resources Committee (NWRC) , the official Global New Light of Myanmar reported Wednesday. Along with the headquarters, a hydro-informatics center will also be built, Dr. Khin Ni Ni Thein, secretary […]

Price, quality of domestic petrol and diesel under scrutiny in Yangon

Private petrol stations in Yangon are selling around 270,000 gallons of petrol and 150,000 gallons of diesel at spot prices on a daily basis, U Han Htoon, Minister of Agriculture, Livestock, Forestry and Energy said in the Yangon Parliament this week. Concerns over higher petrol and diesel prices are rising as global oil prices have […]

Dept warns migrant workers about fraudulent job agencies

The Department of Labour Migration has warned workers seeking overseas job to be wary of fraudulent employment agencies that operate without licenses. In an announcement on Tuesday, the department, which is under the Ministry of Labour, Immigration and Population, urged workers to check with the authorities about the authenticity of such agencies. The warning comes […]

Collier Property Report – Yangon Office Q4 2017

Competition Exerts Downward Rental Correction There has been a pronounced correction in headline rents. Given the increase in competition and the entry of better-quality projects, landlords are now willing to lower prices to reasonable levels. In fact, older offices, which previously commanded premium rates, have begun adjusting rents appropriate to their quality and offerings. Meanwhile, […]

Concerned with personal safety, passengers opt for taxi service operators

More commuters opt for taxi service operators such as Grab and Uber in order to avoid the perceived risks associated with ordinary taxis. It is believed that the ride-hailing apps provide better safety and security for passengers. Meanwhile, some taxi drivers are anxious about their jobs as the industry is suffering from a vote of […]

YCDC Ease Fine Amount for Unlawful Buildings in Yangon

Yangon City Development Committee (YCDC) has eased fine amount for unlawful buildings and high-rise buildings exceeding the height limit. The YCDO reduced the amount by 70 percent. In 2014, regional government took a series of actions on unlawful buildings such as those build without a permit. The owners would have to pay large fine, or […]

Demand for new Yangon office complexes to continue rising

With more foreign direct investments (FDI) expected to flow into Myanmar due to insurance sector developments, enactment of the Investment Law and anticipated approval of the new Company’s Act, real estate developers have been urged to build more international-standard office complexes to accommodate demand. “There is potential for [office] development. Insurance sector developments and new […]

Colliers Property Report – Yangon Office Q3 2017

Upward Trending Demand amid Stabilised Rents Demand for office space has improved over each of the last five quarters as rents have stabilised at competitive levels. As of Q3 2017, the average occupancy rate reached more than 70%, a level last seen in 2015. Looking forward, economic reforms such as the new Myanmar Investment Law […]

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 […]

New safety rules follow fire at Yangon’s tallest building

The Myanmar Fire Services Department and Yangon City Development Committee have issued new safety instructions for high-rise buildings following a fire that engulfed the top of an incomplete condominium earlier this week. Police arrested the supervisor at the Diamond Inya Palace construction site after the fire started on the 22nd floor of what was set […]