Construction and Real Estate Sectors Pin 2017 Hopes on New Legislation

​​ The construction sector will be glad to see the back of 2016 – a year in which a political transition, a high-rise review and a volatile currency conspired to leave many developers battered and bitter. But there were also signs of a fragile recovery in the real estate market, and new laws set to […]

Analysts Say 2016 is the Worst Year for Rangoon Construction Sector

​​ RANGOON — Rangoon’s construction market faced its hardest year in 2016, as a result of changing government policies during a market cooldown, say critical industry observers. During the best development years, 2005 to 2014, high-end condominiums and low-cost apartments sprung up around Rangoon, construction and real estate observers said. As the market neared its […]

New car imports on hold until public transport system improved: YRTA

People hoping to have the ban on new car imports to Yangon lifted will have to wait until improvements have been made in public transport, an official from the YRTA has confirmed. New car imports for personal use were suspended in April when the government told township officials to stop issuing recommendation letters, which recognise […]

YCDC drafts new rules for building permits

Yangon City Development Committee has finished amending its building permit regulations, its secretary said yesterday, after completing a divisive review of high-rise projects across the city that saw rule-breaking developers told to amend their designs. The new regulations have already been shared with industry association and will be made public once they have been approved by the Yangon […]

Yangon authorities appear to backtrack over high-rise review

Yangon city authorities appear to have come down on the side of angry developers in the row over the suspension of 222 projects either under construction or at the planning stage. Following a city-wide review of project designs, the suspension was ordered because the buildings reportedly violated draft zoning regulations. However, the draft in question has yet […]

Yangon high-rise review will cause bankruptcies, developers say

Twelve developers ordered by the government to reduce the scale of their high-rise residential projects in Yangon said yesterday that the review – which includes a total of 185 projects – could cause up to US$6 billion in losses and force many companies out of business. The developers held a joint press conference in Yangon […]

Official defends Yangon high-rise review as more results due

A member of the Yangon high-rise inspection committee charged with a city-wide review of high-rise projects has defended the controversial inspections, saying they are a “one off”, as developers brace for the second batch of results to be released tomorrow. Following a two-month blanket suspension on construction at all projects with nine floors or more, the committee released […]

Construction materials trade opened to local-foreign joint ventures

The Ministry of Commerce has further relaxed trade restrictions on foreign companies, opening onshore trade in construction materials to local-foreign joint ventures, according to a July 7 announcement. International firms were barred until last year from Myanmar’s import-export industry, which was tightly controlled until 2011 by companies with ties to the former military regime. Last […]

YCDC stops accepting high-rise applications

As government engineers continue their inspections of high-rise construction sites where work has been stopped pending their review, Yangon City Development Committee has announced the suspension of existing policies and procedures for applications from developers who want to put up tall buildings in the region. YCDC deputy engineering department chief U Nay Win said on June 24 […]

Gold smuggling thrives across Myanmar’s borders

The thriving illegal business in gold across Myanmar’s porous borders is likely to continue unchecked until the government legalises trade of the raw material, said traders and industry sources. Industry bodies have asked the Ministry of Commerce to strike the precious metal from its list of restricted goods, saying this would boost government coffers and […]