Myanmar seeks to solve housing shortage

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Typical residential building in central Yangon. The city will need up to 120,000 apartments in the coming ten years to accommodate the rising population.

The Myanmar government is seeking bids for several housing projects with up to 120,000 apartments in Yangon. The Yangon City Development Committee (YCDC) has invited investors to take part in first tenders for the Ba Htoo Housing Project (part of 114 acres), Bo Min Yaung Housing Project (9.29 acres), Ayar Won Housing Project (50 acres) and Min Ye Kyaw Swar Housing Project (14 acres) including recreational areas, playgrounds, car parking, shopping malls, mini marts and housing units.

The committee said it will be selecting the companies that will meet the standards of the Committee for Quality Control of High-rise Building Projects Construction.

Developers for the above mentioned projects will be required to complete the project within 3 years with full investment. Interested firms may submit their proposals with blueprints to YCDC Office before 31 December, 2012.

The government said that the projects for low-cost housing could be built with both the help of local and foreign investors, supported by government funds, subsidised land lease and long-term low-interest loans.

Meanwhile, concerns are mounting about rising property prices in Myanmar, becoming an obstacle for local and foreign investors. This year saw unusually big price jumps in Yangon as well as in other economic hubs and coastal regions where hotel projects are. The growing population in Yangon, which is estimated to grow from 6 million as of now to 10 million by 2020 has also led to higher rental fees, up by 10 to 50 per cent depending on the area.

To curb escalating prices, the president’s office has said will form a committee to regularly publish prices of buildings. Initially, the committee will focus its activities in Yangon and Mandalay cities. However, Aung Naing Oo, Director General Directorate of Investment and Company Administration clarified that this initiative will not be reflected in the by-laws of the new foreign investment law. Many foreign firms are wary of entering into Myanmar owing to the swelling land prices, which in average have increased by 39 per cent from January to September 2012.

 

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Reading Time: 2 minutes

Typical residential building in central Yangon. The city will need up to 120,000 apartments in the coming ten years to accommodate the rising population.

The Myanmar government is seeking bids for several housing projects with up to 120,000 apartments in Yangon. The Yangon City Development Committee (YCDC) has invited investors to take part in first tenders for the Ba Htoo Housing Project (part of 114 acres), Bo Min Yaung Housing Project (9.29 acres), Ayar Won Housing Project (50 acres) and Min Ye Kyaw Swar Housing Project (14 acres) including recreational areas, playgrounds, car parking, shopping malls, mini marts and housing units.

Reading Time: 2 minutes

Typical residential building in central Yangon. The city will need up to 120,000 apartments in the coming ten years to accommodate the rising population.

The Myanmar government is seeking bids for several housing projects with up to 120,000 apartments in Yangon. The Yangon City Development Committee (YCDC) has invited investors to take part in first tenders for the Ba Htoo Housing Project (part of 114 acres), Bo Min Yaung Housing Project (9.29 acres), Ayar Won Housing Project (50 acres) and Min Ye Kyaw Swar Housing Project (14 acres) including recreational areas, playgrounds, car parking, shopping malls, mini marts and housing units.

The committee said it will be selecting the companies that will meet the standards of the Committee for Quality Control of High-rise Building Projects Construction.

Developers for the above mentioned projects will be required to complete the project within 3 years with full investment. Interested firms may submit their proposals with blueprints to YCDC Office before 31 December, 2012.

The government said that the projects for low-cost housing could be built with both the help of local and foreign investors, supported by government funds, subsidised land lease and long-term low-interest loans.

Meanwhile, concerns are mounting about rising property prices in Myanmar, becoming an obstacle for local and foreign investors. This year saw unusually big price jumps in Yangon as well as in other economic hubs and coastal regions where hotel projects are. The growing population in Yangon, which is estimated to grow from 6 million as of now to 10 million by 2020 has also led to higher rental fees, up by 10 to 50 per cent depending on the area.

To curb escalating prices, the president’s office has said will form a committee to regularly publish prices of buildings. Initially, the committee will focus its activities in Yangon and Mandalay cities. However, Aung Naing Oo, Director General Directorate of Investment and Company Administration clarified that this initiative will not be reflected in the by-laws of the new foreign investment law. Many foreign firms are wary of entering into Myanmar owing to the swelling land prices, which in average have increased by 39 per cent from January to September 2012.

 

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