By-Laws Necessary for Condo Market to Pick up Steam

​​ To improve the lacklustre selling market for condominiums, officials need to enact condominium by-laws soon, said developers such as U Kyaw Kyaw Naing, managing director of iGreen Construction Company Limited. Although the Condominium Law was enacted during the last week of January 2016, by-laws have not come into effect until recently. The condo-selling market […]

Hlegu Lures Speculators

​​ Speculators with their eyes on Hlegu township are turning the area into a property price hotspot, according to real estate agents. The property market in Yangon has been notoriously sluggish in recent years, but speculators are making an exception of Helgu, said Daw Thuzar May, director of Thit Sar property real estate agent. Real estate agents […]

Yangon government to clamp down on renting apartments to foreign tourists

Yangon landlords will face penalties if they rent rooms or apartments to foreigners holding a tourist visa, U Zaw Aye Maung, the military-appointed region minister for immigration, told The Myanmar Times. By-laws written for Myanmar’s 1947 Immigration Act stipulate that foreign visitors on a tourist visa must stay in hotels, he said. Only permanent residents and […]

Eighty per cent of Myanmar rubber exported to China

The Myanmar rubber market is heavily dependent on China because about 80 per cent of the raw materials of Myanmar rubber are being exported to China, it has been learnt. Myanmar also exports rubber to India and Japan. Some rubber growers who can afford to cultivate new, highyield rubber varieties fell their old trees,which cannot […]

Rubber farmers replace old rubber trees with high-yield variety

WITH rubber prices declining, some rubber plantation owners have begun felling their rubber trees and selling them as firewood, while some are replacing them with new rubber varieties that have higher yields. “The price of rubber is on a gradual decline. Some rubber farmers sell their rubber trees as firewood because selling rubber latex can’t […]

NLD leader’s next challenge: the bureaucracy

Staff in the four ministries soon to come under Daw Aung San Suu Kyi’s management have welcomed her appointment, telling The Myanmar Times they hope she can accelerate administrative reforms in the civil service. But analysts and insiders have cautioned that she will face myriad challenges in cleaning up the bureaucracy and upholding promises of […]

Construction market slumped in 2015 but property prices remain high

More investment companies are coming to Myanmar to answer the demand for luxury housing and office space. But although the sales prices for property remain high, the market cooled considerably in 2015, according to real estate experts. The property market dropped faster in 2015 than it has done in any of the previous five years, […]

CQHP warns against low-quality construction materials

Some construction materials are being falsely marketed as high-quality, when in reality they are sub-standard, the head of Myanmar’s high-rise building regulator has warned, as concerns mount over poor quality building practices. However, a scheme to grade the contractors in Yangon may help developers to differentiate between those who are testing their materials and those […]

MIC approves 123 companies in the current fiscal year

Fifteen local and foreign companies were granted approval by the Myanmar Investment Commission (MIC) in June, taking the total number of companies approved this fiscal year to 123, according to U Aung Naing Oo, secretary of the MIC. “Creating local job opportunities is our main focus this financial year, so MIC has approved more contract […]

Construction booms but clouds gather

The apparent boom in Yangon construction conceals increasing complexity, as stricter regulation combines with aggressive speculative practices to create a difficult environment for contractors and would-be homeowners alike, industry sources say. Unquestionably, the number of apartments has grown considerably in the past two years. But U Nay Win, deputy director of the Department of Engineering […]