Yangon allocates additional K47 billion budget

The Yangon Regional government allocated K47 billion supplementary budget for fiscal year 2017-2018 to fund several road construction and rehabilitation projects, the regional minister of planning and finance said. U Myint Thanung, regional minister of planning and finance, said the additional budget was necessary since the original estimated regional budget of K424.2 billion was already […]

Yangon Registers 25,000 Hlaingthaya ‘Squatters’

Yangon regional government has issued smart cards to 25,000 registered squatters in Hlaingthaya Township. The regional government has been collecting a list of squatters in the township in recent weeks. Township MP Myat Min Thu said: “We are still collecting the lists of squatters. The number of squatters in Hlaingthaya is expected to reach about […]

Developers courted for role in Yangon project

Min Htein, the director general of the Urban and Housing Development Department at the Construction Ministry, said: “According to our master plan, the project includes 49 [18-storey] buildings. The government would greatly benefit from financial input from the private sector. “Through cooperation with development companies, we will be able to fulfil Yangon’s need for accommodation. […]

Yoma revs up property development drive in Myanmar

YANGON — Singapore-listed Yoma Strategic Holdings is accelerating its real estate development drive in Myanmar to meet growing local demand for residential units, offices and commercial facilities. Yoma’s move comes as Myanmar has emerged from decades of international isolation and now enjoys high economic growth, making the Southeast Asian country an increasingly promising property market. Yoma […]

IOC bids for fuel marketing and retail rights in Myanmar

New Delhi: State-run Indian Oil Corp (IOC) has bid for rights to import, store and distribute petroleum products in Myanmar. “We have put in a bid to enter fuel marketing and retail business in Myanmar,” a senior company official said. Myanmar Petroleum Products Enterprise (MPPE) last year invited companies to form a joint venture for […]

Power sector: Lofty goals, missed targets

The power sector in Myanmar over the past five years has been characterized by ambitious plans and unrealized targets. While a few power projects have been completed during the outgoing government’s term, others were suspended or cancelled and dozens more remain in limbo. Myanmar remains one of the least-powered countries in Southeast Asia. Just over […]

Yangon region govt proposes K8,000 billion city development plan

The Yangon region government has its local parliament for over K8,000 billion [US$8 billion] to develop seven areas Myanmar’s commercial capital. Yangon City Mayor U Hla Myint, speaking on behalf of the regional government, told parliament that urban development projects will be implemented in the eastern and southeastern parts of Yangon, as well as in […]

Real estate roller-coaster

After shooting up in 2013 and 2014, excessive speculation and political uncertainties combined are pushing down exorbitant rents Rental rates for luxury apartments in some parts of Yangon have been steadily declining since September 2014, while rates for basic apartments have remained stable, according to real estate market forecasts. “The rental charges in the real […]

Myanmar to establish new ICT zone in eastern Yangon

YANGON, April 21 (Xinhua) — Myanmar is planning to establish a new information and communication technology (ICT) zone in Thanlyin, eastern Yangon, to boost development of ICT in the country, local media reported Tuesday. Over 120 hectares of land plot have been designated for the new ICT zone and tender for developing the zone has […]

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 […]