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After three years, regulations under Condominium Law firm up

The Ministry of Construction has announced the formation of a management committee to oversee the implementation of regulations under the Condominium Law 2016 and Condominium Rules 2017. In the announcement on January 5, the ministry said the management committee will register new and existing property developments that meet the definitions of condominiums in the country […]

State Counsellor urges entrepreneurs to help grow nation’s wealth

Myanmar’s business community has an important role to play in ensuring the country’s political voice is heard on the global stage, State Counsellor Daw Aung San Suu Kyi said at the meeting between government officials and business persons and at Myanmar Convention Centre in Nay Pyi Taw yesterday. She said the reason Myanmar’s political voice […]

Dollar appreciation takes toll on domestic construction industry

Dollar appreciation is a drawback to local construction sector as the country has to import nearly 90 per cent of construction materials, said Ko Ko Htwe, Patron of Myanmar Construction Entrepreneurs Association and chair of Tawin Family Company, at a talk on the condominium law and challenges being faced by construction sector, at Pan Pacific […]

Can the regional government manage both old and new Yangon?

The Yangon region government has come under flak since March, when it announced the launch of a new Yangon City project at the west bank of Yangon River. If and when the first phase of the US$5 billion development is complete, it will include five village townships, two bridges, 26km of artery roads, 10 sq […]

Property developers come under pressure as dollar rises

Property contractors are under pressure from rising costs of building materials as a result of the higher dollar-to-kyat exchange rate. Building machinery and materials such as steel bars, which are imported from overseas, have become dearer to local developers and contractors on the back of the appreciating dollar, which yesterday hit a new high of […]

Yangon provides timeline, details of new projects

The Yangon Region Government will this year commence development of several new projects including the construction of two new townships and a Special Economic Zone (SEZ) in Yangon under the city’s Urban Development Master Plan. Among the projects slated for 2018 are two new townships – Kyee Myin Daing and Dala- as well as an […]

Developers Urge Government to Temporarily Reduce Tax to 5 percent

During a meeting with the Yangon Regional government held at MCC on February 17, construction developers urged the government to temporarily reduce the commercial tax from 30 percent to 5 percent for a period of two years. The Myanmar Licensed Contractors Association welcomed the income tax reduction in the Union Tax bill 2018, and supported […]

Shwetaung Chosen as Lead Developer for Ayarwon-Yadana Housing Project

The Construction Ministry has chosen Shwetaung Construction Company as the lead developer for the Ayarwon-Yadana Housing project, said Min Htein, director-general of Urban and Housing Development Department under the Construction Ministry. “The company has many years of experience,” he announced at a discussion on the proposed housing law held December 26 at the Myanmar Construction […]

Japan supports low-cost housing experiment

The Japan-Myanmar Association for Industry of Housing and Urban Development (UMHU) and Myanmar Construction Entrepreneurs Association (MCEA) signed a memorandum of understanding (MoU) on December 4 to run a trial on a low-cost housing project. “The trial process will be done with the money donated from Japan. Two buildings will be built in different types,” […]

Why the construction sector is ailing and how it could recover

To help the construction and real estate sectors expand and stay profitable, government support in the form of tax and loan policy reforms is necessary, developers said. Currently, developers must pay taxes of up to 10 percent on the sale of condominium units priced between K100 million to K500 million. Meanwhile, buyers must pay a […]