September 21, 2019


Property investments now more clear-cut for foreigners

Property developers and investors have been looking forward to stable regulations and foreign participation in the local real estate sector since the Condominium Law was enacted in 2016 and gradually enforced.

Firmer home ownership laws are expected to draw higher volumes of foreign investment, which, in turn, will benefit businesses along the supply chain, from construction to interior design.

The 2016 Condominium Law addresses land ownership as well as foreign participation in the local property market.

According to the law, foreigners now have the right to own up to 40 percent of the units in a condominium project, while each individual can buy up to 25pc of the units.

Foreigners who do not hold a National Registration Card can purchase condos in Myanmar, excluding those who have been blacklisted by the country. The purchase can only be done via official foreign currency remittance from overseas.

The law allows not only purchasing rights but also construction rights and joint venture investments as well. Units of a joint venture development can be sold only after this is reported to the Management Committee via a registration officer.

If a condo unit holder, both foreign or local, wishes to resell his property, this can be sold to another foreigner, until foreign ownership in the project hits the 40pc threshold.

Within the next 2-3 months, units registered under the Condominium Law will be in the market and can be sold to foreigners, said U Myo Myint, a member of the Yangon Regional Condominium Management Committee.

Only buildings constructed on a minimum of 0.5 acre (20000 square feet) of land exceeding six-storeys will be classified as condominium apartments.

In the recently-enacted condominium rules, it was also stipulated that all condo buyers, including foreigners, will own the land title of the condo according to the number of shares or units owned. However, property ownership of foreigners is limited to the duration of the life of the building.

As the Condominium Law lays out clearer regulations for foreign participation in the real estate sector, sales and investments are expected to improve as well as benefit the construction and other sectors in the years to come, real estate agents said.

Before this law, foreigners coming to Myanmar on long term business or for education were forced to rent apartments which were subject to high and volatile rental rates. Now they have more options to invest in a unit or rent at more stable rates.

Source: Myanmar Times

Hantharwady International Airport back on radar

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The Department of Civil Aviation (DCA) will conduct a field study on the construction of Hantharwady International Airport in Bago, according to deputy director U Zaw Min on March, during a meeting on crop compensation for farmers living within the vicinity of the project site. The US$1.5 billion project will be fully funded by Japan, which is now making its fifth attempt to revive the project, U Zaw Min said.

As such, in addition to compensating farmers, appeals to remove squatters living in the area have been sent to the regional government. The airport was to have been built around 80 kilometres north of Yangon, near Bago city, by 2022, according to a framework agreement signed in January 2016 between a consortium and the DCA. The consortium included Japan-based JGC Corp as well as Singapore’s Yongnam Holdings Ltd and Changi Airports International.

Source: Myanmar Times

Five areas designated for systematic Yangon urban development

Yangon Region Government decided to classify Yangon into five areas to ensure the emergence of a control system for the systematic development of Yangon urban area.

According to Yangon City Development Committee (YCDC), the five areas are: conservation, development control, guided densification, development promotion and redevelopment upgrade.

Hlawgar, Kandawgyi  and Inya lakes and parks are included in the conservation area.

Development control area covers six downtown townships, namely Lanmadaw, Latha, Pabedan, Kyauktada, Botahtaung and Pazundaung, and Seikkan, the area near Shwedagon Pagoda, Bahan, Dagon and Kamayut Township and other designated areas.

The guided densification area includes South Okkapala, North Okkapala, Thaketa, Dawbon, Dagon Myothit (South, East, North and Seikkan) Townships, Shwepyithar and Hlaingtharyar Townships.

The townships included in the development promotion area are: Insein, Mingalardon and Mayangon Townships. Hlaing, Yankin, Dalla, Seikgyikhanaungto, Tamwe, Mingala Taungnyunt, Thingangyun, Ahlone, Kyeemyindaing and Sanchaung Townships are included in the redevelopment and upgrade area.

Source: Daily Eleven

State Counsellor and Prime Minister of Thailand attend the opening ceremony of a new bridge

State Counsellor Aung San Suu Kyi and Prayut Chan-o-cha, Prime Minister of Thailand attended the opening ceremony of No.2 Friendship Bridge on March 19.

The new bridge will link between Greater Mekong sub-region and east and west economic corridor.

The State Counsellor and Thailand Prime Minister delivered opening speeches at the ceremony. Transport Minister from Thailand explained about the bridge.

The State Counsellor and Thailand Prime Minister opened the inscription to mark the successful building of the new bridge.

“We can see both countries gave special consideration about the bridge. It will be an example of cooperation between governments and their people. It will be a success for Myanmar and Thailand which established diplomatic relation on August 14, 1948,” said the State Counsellor.

It is connecting between Myawady and Mae Sot.

Both officials start discussed to build the bridge in 2013 and built by the Department of Highways from Thailand on August 30, 2015.

The four-lane bridge is 21 meters in length and cost Baht 4.253 billion.

Commercial transaction activities will be smooth and it is expected to be beneficial not only for both countries but also for Greater Mekong region.

Source: Daily Eleven

Over 82 billion Yen to be loaned for 3 projects

The Ministry of Planning and Finance and the Ministry of Electricity and Energy submitted a proposal to Union Parliament seeking a loan of 82.273 billion yen from the Japan International Cooperation Agency (JICA) to implement three projects including measures to reduce flooding and traffic congestion in Yangon city.

The proposal was submitted during a Union Parliament session held in Nay Pyi Taw on March 12. The projects aim to promote socio-economy in Yango and extend power supply in Yangon and Mandalay.

Maung Maung Win, Deputy Minister for Planning and Finance, said that with the Japanese loan, the Yangon sewerage development project and Yangon urban development project would also be implemented.

The Yangon City Development Committee (YCDC) will act as executing agency to implement those Yangon projects. For the sewage project, a feasibility study was conducted from November 2017 to February 2019. The project period is nine years from 2019 to 2028. For the urban development project, a feasibility study was conducted in 2016 and the project period is five years from 2019 to 2024.

The Yangon urban development project has three components—retaining walls, pumps and sluice gates—to reduce flooding. For reduction in city traffic congestions, measures will be taken such as construction of traffic islands, erecting of road and traffic signals and educative talks on traffic enforcement and safety.

A feasibility study on power supply improvement project was conducted in 2018 and the project period is from 2019 to 2026.

Of the JICA loan of 82.273 billion yen, 45.900 billion is for Yangon sewage project, 24.085 billion for Yangon urban development and 12.288 billion for urban power supply improvement.

Source: Daily Eleven

Dhalet Chaung bridge on Yangon-Sittwe road

As the Dhalet Chaung bridge on Yangon-Sittwe road construction was completed, vehicles can now pass through the bridge commencing on February 20 according to Special Bridge Construction Group-7.

Dhalet Chaung bridge is 960 feet long and situated on milepost (27/0) in Ann-Sittwe road section in Kyauk Phyu District, Rakhine State. It is steel box girder reinforced concrete and it is the very first steel box girder type in Rakhine State.

It was constructed in August 2016 and completed in February 2019. The strength of the bridge is 75 tons.

It is 30 feet wide and vehicle land is 24 feet while pedestrian lane in 3 feet.

Source: Daily Eleven

Korean company conducts survey to build a dry port in Monywa

A Korean company is conducting a survey to build a dry port in Monywa, Sagaing Region to transport containers using railroad.

At the present, the ministry is built a dry port each in Ywarthagyi in Yangon Region and Myitnge in Mandalay Region and seven places are proposed to build dry ports, said an official from Myanma Railways (MR).

Seven places proposed to build dry ports are Yangon, Mandalay, Tamu, Muse, Mawlamyaing, Bago and Monywa.

The places where dry ports are planned to be built are intended to become cities for regions and states, to locate close to Asia Railroad and expressway, to produce goods and to place next to industrial zones.

Source: Daily Eleven

South Korean car maker opens first assembly plant in Myanmar

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As the government is pushing for car companies to assemble their vehicles in Myanmar, more international companies are setting up assembly plants in the country.

Among the latest is South Korea’s Hyundai. The company launched its plant and its first semi-knocked-down (SKD) model on February.

 The local arm of Hyundai, Shwe Daehan Motorcar Assembly Co, will be the entity responsible for assembling Hyundai vehicles locally. International KLM Co is the authorised importer and dealer for Hyundai and has been operating since 2014. Now, KLM will also distribute locally assembled Hyundai cars from the Shwe Daehan factory.

The factory is situated in the Thardukan industrial zone of Shwe Pyi Thar Township and employs nearly 200 local workers.

Source: Myanmar Times

Crop drying plant being built in Hopong for K1 billion

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A drying plant is being constructed for crops such as strawberry, mango, and pineapple from Hopong Township, Shan State, at a cost of K1 billion, according to the Ho Nam Company.

The factory is expected to be operational in March. A Denmark- based NGO has invested

K75 million for the drying plant, which will include a cold storage facility. Construction work on the factory began in May last year. The crop drying plant is being implemented by the Ho Nam Company, which was formed with 24 local farmers. The crop drying machine at the plant will dry up to 1.5 tons of crops in a single process.

Source: The Global New Light of Myanmar

Massive township development set to proceed

The massive New Mandalay Resort City (NMRC) integrated township project is set to move forward on a 4000 hectare site off the Mandalay-Lashio highway in Mandalay Region’s Pyin Oo Lwin district.

According to the Ministry of Construction,three developers will cooperate on the project that will see urban and infrastructure consulting firm Surbana Jurong International Consultants Co Ltd serving as the overall consultants for the development.

The feasibility study for the Mandalay project which took about seven months was carried out under the supervision of the Ministry of Construction.

This project is divided into three sections. Sections 1 and 3, covering 2800 hectares, will be implemented at the union level, while Section 2, with 1200 hectares, will fall under the purview of the regional government.

Section 1 of the project will feature zones for industry, residential living, education and health services.

Section 2 will feature residential land, and mixed-development, administrative, economic, agriculture, and industrial zones.

Section 3 will feature luxury and affordable housing, a golf course, and an agriculture zone with an agricultural park.

Source: Myanmar Times



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