Yangon Region government has invested Ks-134 billion—Ks-54 billion in Yangon Metropolitan Development Public Co., Ltd (YMD), Ks-10 billion in New Yangon Development Corporation and Ks-70 billion in the YBPC (Yangon Bus Public Company) and the Yangon Urban Public Transportation Public Co., Ltd (YUPT), according to the audit report by Yangon Region Auditor General.

According to the report, Yangon Metropolitan Development Public Co., Ltd was formed with the contribution of a 51-per-cent stake by the region government and the rest by the Myanmar Construction and Development Public Company. The 54-billion projects to be developed by Yangon Metropolitan Development Public Co., Ltd are: Mayangone villa advanced housing project, Parami housing project, rental housing for government staff, mixed use project, Ngwepinlae dry port project, public life promoting housing (Twante project), East Dagon modern industrial zone and industrial zone-supported housing project (north).

The audit team checked the company’s account from March 8 to 31 in 2017. The company made a loss of Ks-11.460 million due to business and managerial costs even though the company had not started its operation. There was no auditing of accounts by the external auditors for 2017-2018 FY. According to the company’s account, the company earned a net profit of Ks-2,289.028 million thanks to bank interests.

The company carried out staff housing project in Dagon Seikkan Township, land measurements in Mayangone villa project and Ngwepinlae industrial land and water measurements. The company made settlements for six buildings and 11.98-acre State-owned land with its own money and renovated the State-owned building on Sule Pagoda road. There may be ownership problem in the future. The Region Auditor General pointed out that the region government should draft a master plan for the long-term projects as the government may face a loss of funds due to unexpected problems. For the success of these projects, officials need to carry out step-by-step checks and supervisions.

Source: Daily Eleven

Myanmar Ministry of Construction has signed an agreement to loan US$80 million from Asian Development Bank for a development project for the towns along east-west economic corridor of Greater Mekong Sub-region.

The signing ceremony took place at the meeting hall of the ministry in Nay Pyi Taw on September 13. U Han Zaw ,Union Minister for Construction, said the project would be implemented with loan assistance from ADB with the aim of ensuring urban development and developing infrastructures in Mawlamyine in Mon State and Hpa-an and Myawady in Kayin State which are situated along the east-west economic corridor of Greater Mekong  Sub-region.

The ADB loan project will help provide basic needs for those towns such as safe drinking water, effective management in waste disposal and the emergence of neat and clean cities. The project will also include measures for socio-economic development of the states along the economic corridor and improvement of urban infrastructures. Through the GMS Corridor Towns Development Project, there will be other opportunities such as awareness programmes and capacity building programmes.

Source: Daily Eleven

AECOM Singapore was chosen to design the Urban Master Plan for New Yangon City which was conducted by Yangon Regional Government at the west bank of Yangon river, according to New Yangon Development Co.,Ltd (NYDC).

Expression of Interest (EOI) was called in June and a total of 14 firms submitted their EOIs, and among them the contract was awarded to AECOM Singapore after a rigorous process of evaluation.  Official will be holding Roundtable Discussions with members of the Association of Myanmar Architects, Myanmar Engineering Society, Myanmar Engineering Council and Myanmar Architect Council for the Urban Master Plan design, and their opinion would be included in the Master Plan.

China Communications Construction Company (CCCC) was also chosen for conducting first phase of the new Yangon City project scheme, according to NYDC.

Source: Daily Eleven

Kayin State government has signed a Memorandum of Agreement (MoA) with World Wildlife Fund-Myanmar (WWF-Myanmar) for renewable energy support in Kayin State on 10 September, according to WWF-Myanmar.

According to the MoA, WWF-Myanmar will conduct surveys to explore possible places to produce renewable energy, assist in connecting with investors to enter into renewable energy sector and in producing electricity at a lower price.

“The most needed thing in Kayin State is electricity. As Kayin State hasn’t got sufficient electricity and as a result, development in the state is very slow. We’ll welcome any kind of renewable energy if we get electricity,” said Daw Nan Khin Htwe Myint, chief minister for Kayin State.

According to MoA, and concerning with renewable energy, a senior expert and an assistant will be appointed at the office of Kayin State government and give necessary suggestions. In its news release, WWF-Myanmar quoted 2014 census statistics and said over 1.5 million people live in Kayin State and only 26 percent had access to electricity.

Source: Daily Eleven

The Department of Urban and Housing Development under the Ministry of Construction announced that it had rented three industrial lands in Hlaing Tharyar and Shwe Pyi Thar industrial zones to two companies with long term agreement.

The move plans to rent the industrial lands to local and foreign investors for promoting the production sector. Moreover, the decision to rent the industrial lands aims to create more job opportunities, to welcome more investment, to favor the current business, to encourage job stability and to get more land rental fees.

Source: Daily Eleven

Myanmar Investment Commission (MIC) has allowed a company to implement a gas-fired power plant in Mandalay.

U Kyaw Win Tun, Director of Directorate of Investment and Company Administration said that it is the construction of a 230-KV power plant in Baelin village in Saingaing Township, Kyaukse District in Mandalay. The company will invest over US$ 92.68 million in the gas-fired power plant which can generate 145.49 megawatts and then sell power.

Under the long-term foreign direct investment promotion plan in 2017-2018 fiscal year, the total FDI reached over US$ six billion. But the actual inflows of FDI into the country from 28 countries amounted to US$ 4.3 billion, according to a summary report by the MIC for 2017-2018 FY. From April 1, 2017 to March 31, 2018, the MIC held 16 meetings. The MIC allowed 222 new FDI worth US$ 4,777.980 million and 82 existing businesses to increase investments worth US$ 940.106 million. The total FDI reached US$ 5,718.086 million.

Source: Daily Eleven

The country can earn more dollars swiftly by selling condominium apartments according to the Condominium Law at a time when there is a scarcity of dollars in the country, said U Shein Win, President of Myanmar Construction Entrepreneurs Association (MCEA) at a talk on the Condominium Law, at Pan Pacific Hotel in Yangon on August 26. The government will get exact data and tax revenues as condo apartments are sold with official stamps and registration. Condo apartments are the only remedy to a shortage of dollars quickly. The Condominium Law is a special law for the construction sector which can help the condominium market by reducing special stamp taxes and special income taxes.

The Condominium Law was passed with the Union Parliament Law No.24, on January 29, 2016. On December, 7, 2017, the Construction Ministry issued a notification No.267/2017. The Union parliament approved the amendments to the bylaws on August 24, 2018.

Source: Myanmar Alinn

Thilawa SEZ plans to initiate Phase-3

From the 94 investors in Thilawa Special Economic Zone (SEZ), there have been about US $ 1190 million invested and at present, implementation of projects for Zone B, Phase-3 are in the works, according to Myanmar Thilawa SEZ Holdings Public Limited (MTSH) chairman U Win Aung. In 2017-2018, MTSH could attract 12 new investors from six countries, which invested US $140 million. From the 82 initial investors, we have US$1050 million. In total, it got 94 investors and US $ 1190 million. Besides, MTSH successfully sold 97 percent of industrial plots in Zone –A, 61 percent in Zone B-Phase-1.

Currently, the construction project of Zone-B, Phase-2 has been started. With the high expectation of speedy and abundant flow of Foreign Direct Investment (FDI) in the future, it is now initiating the implementation of Zone-B, Phase-3, said MTSH chairman U Win Aung.

Source: Daily Eleven

Property contractors are under pressure from rising costs of building materials as a result of the higher dollar-to-kyat exchange rate. Building machinery and materials such as steel bars, which are imported from overseas, have become dearer to local developers and contractors on the back of the appreciating dollar. That is likely to drag many developers into the red, particularly on apartments that have already been pre-sold or reserved by buyers before the exchange rate spiked. Before the Condominium Law was enacted, it was common for sellers and buyers to make direct arrangements for property transactions, for example, paying an upfront deposit and the remaining when the property is complete and handed over. Under such arrangements, developers are likely to come under heavier pressure to fund the ongoing construction of the properties as costs rise.

Source: Myanmar Times

The Japan-based Panasonic Corporation launches Off-grid Solutions project as part of their efforts in Myanmar to solidify their place as one of the top MNCs operating in Myanmar and to provide for betterment of the country, on 13 July 2018 while celebrating their 100th anniversary.

The so called Off-grid Solutions will range from educational activities to provision of Panasonic products in rural areas that do not yet have access to electricity – “off-grid”, which also serves as part of the corporation’s CSR drive. Panasonic will donate its products such as solar generation and storage systems, provide education and technical training to cultivate human resources, and help develop local business models taking advantage of electricity. It aims to realize sustainable development for the Myanmar community by 2020.

Source: Daily Eleven