The Taungthaman Thitsar resort project, which is near popular Taungthaman Lake and U Bein Bridge in Amarapura Township of Mandalay city, will resume with the permission of Myanmar Investment Commission (MIC). It will be developed by Taungthaman Thitsar Company and take around five years to complete. Currently, a feasibility study is being carried out and permission to begin construction has been submitted to the Mandalay City Development Committee (MCDC).

The resort project, which will include a Myanmar cultural heritage exhibition, Myanmar traditional handicraft shops and a recreational park, will be developed on 40 acres of land near Taungthaman, Nwar Noe Taw Su, Tae Nant Thar and Ywar Thit villages. The permitted building height is 40 feet. According to Dr. Zaw Myint Maung, Mandalay Chief Minister, building which were higher than the limit will need to be demolished.

Source: Myanmar Times

The Yangon real estate sector sees a great increase in demand from education providers. Since foreigners were permitted to wholly invest in the provision of educational services in the country earlier this year, demand for high-standard condominium and office units has surged. This is because find leasing or buying condominium or new office unit to open schools is much more convenient for them than searching for land on which to build the schools or establish campuses. According to Estate Myanmar, inquiries are mostly from short-term course providers and post-graduate courses which do not need much space.

For example, Kaplan Myanmar University College, a subsidiary of US educational program provider Kaplan Inc, which opened its campus in Diamond Condo on Pyay Road in June. At the same month, KI College Singapore announced that it would open a new learning center on the ground floor of Golden City Business Center in Yankin township in August. Likewise, Dulwich College (Yangon) has opened two schools in Pun Hlaing Estate in Hlaing Thar Yar and StarCity in Thanlyin.

Source: Myanmar Times

Yoma Strategic Holdings Ltd announced the launch of Yoma Land, a property-focused company that will unify all their real estate projects in Myanmar. The firm will continue to implement luxury residential buildings as well as to explore new opportunities to accommodate more “mass market housing”, bringing home ownership to many more people.

As of March 31, the firm has sold more than 2,000 apartments in its StarCity, large-scale residential development near the Thilawa special economic zone. Galaxy Towers, which is in the third phase of development, has six residential towers with 1,038 apartments available for sale.

It also aims to fully complete another mixed use development in downtown Yangon within three years. It will feature the Peninsula-branded luxury residences which will include two Grade A office towers, a hotel, serviced apartments and a retail podium. The site will be anchored by the former headquarters of the Myanma Railways Company which will be restored into a luxury hotel named The Peninsula Yangon.

Source: Eleven Media

Korea-Myanmar friendship bridge (Dala Bridge) is now being redesigned to meet bridge clearance criteria and expected to start construction work at the end of this year. It will link Phone Gyi Street in Lanmadaw township on Yangon side to Bo Min Young Street on the other side of the river (Dala Township).
The Myanmar Port Authority (MPA) negotiated with the Ministry of Construction over the new design of the Bridge to alter the clearance 54 meters instead of 49 and to place the bridge’s two piers closer to each shore, aiming for ships to pass easily under the bridge.
The Bridge is estimated to cost $168.173 million and the Korea Economic Development Cooperation Fund will provide EDCF loan of $137.833 million. It will take 5 years to complete construction work and maximum allowable vehicle weight for this bridge is 75 tons.

Source: Myanma Alinn

New Yangon Development Company Limited is now putting effort to implement NYDC Town hall plan with the objective of creating economic growth, homes and 2 million jobs. The 20,000-acre project is being planned to build on the west of the Yangon River and south of the Panhlaing River to the river mouth. The company is fully owned by the Yangon Region Government.

Some US$1.5 billion will be needed to execute for the 1^st phase of this plan, and the Yangon Region government will provide a capital of $7 million. It will need US$ 5 billion for the whole project to complete.

NYDC has adopted the global model of Swiss Challenge, but they faced the criticisms of non-transparency and unfair in the selection process. Hong Kong Listed Company- China Communications Construction Company Ltd (CCCC) is selected to submit to Pre Projects Document which includes technical specifications, financial proposal, and business mode for being the reputable brand construction enterprise and financial capabilities to invest new city with the similar previous experience projects. Any qualified company will be challenged CCCC with better terms of tender assessment criteria. According to Mr. Serge Pan, Vice Chairman and CEO of NYDC, “they will only consider the cost comparisons with the similar way due to time savings and efficiency”. For those who consider making investment in this new project, he guarantees IRR (Internal Rate of Return) 13%.

At the moment, responsible persons for this project emphasize mainly on the basic infrastructure as the first priority since most of Yangon residents are worried about supply of electricity, water utilization, power plant and transmission lines enough for old city and new city and especially overcrowded in Yangon due to new city’s residents.

Source: MMRD

Transport authorities are planning to build US$323 million worth No.3 Thanlyin Bridge in November and expected to finish in March 2021, according to Ministry of Construction. The intention to build the bridge is to ease traffic jam between Thilawa SEZ and other SEZs in Yangon and to attract foreign investments. The bridge will connect between Thanlyin and Thaketa townships by crossing Bago River. It is located about 125 kilometers away from No.1 Thanlyin Bridge.

The main bridge is 1,224 meters in length and overall length is 1,928 meters in length including road approaching the bridge. It will build with steel box girder and the base will build with steel pipe sheet pile. It can bear up to 75 tons of weight.

The design of the bridge is drafted by Japan and Myanmar engineers will build it under the supervision of Japan. It will be built with a US$282 million loan from Japan International Cooperation Agency (JICA). It will facilitate transportation access for locals in Thanlyin, Kyauktan, Kayan and Thongwa townships.

Source: Eleven Media

Mottama Holdings Limited, a Yangon-based company, has nine major projects in the pipeline, valued at US$1 billion and expected to be all completed by 2022, according to the company’s announcement on June 15. Mottama’s nine projects cover residential apartments, office towers, shopping malls and public recreational centers.
There are four projects carried out with international partners: M Tower on Pyay Road, Min Residences on Mindhama Road, Mottama Centre and affordable housing project M Green Apartment in Yangon’s Mingaladon township. The remaining five projects are domestic partnerships: an aquarium inside Kandawgyi Park, Harbour Trade Tower on Strand Road, HL tower on Pyay Road, Bonnamy Tower on Kyaik Wine Pagoda Road and Mottama Business Tower on Mindhama Road.

Source: Myanmar Times