Local Property News | Posted by Hnin Ei Khin
The Myanmar Investment Commission (MIC) has made public the list of the latest approved investments during a press conference held on 23 April, attended by the Myanmar Real Estate & Construction Monitor.
The April list includes both local and foreign investments for residential, hotel and tourism, commercial, and industrial projects across Yangon, Bago, Ngwe Saung and Hpa An.
Myanmar Real Estate & Construction Monitor notes that some of the approved investments were endorsed in March by regional investment bodies.
A total of 14 local and 29 foreign investments were approved.
As of March 2019, some $5.4bn in real estate FDI had been approved by the MIC since 1988. Approved Myanmar citizen investments in the sector were less than half for the same period, reaching just $1.2bn.
The following real estate project approvals were announced at the recent press conference:
Details on the approved businesses
Htun Myat Aung (HMA) is a local firm that has focussed on the mining and timber industries for over 16 years.
HMA made its debut into Myanmar's real estate sector in Q3 2014 with a project called Northern Inya Residence, located on Parami Road, Mayangone township.
Staff and resources have now been focused towards the company's newest residential project, The Century.
Following a Yangon condominium management committee meeting held in March, the company received a business license for operating its condo projects.
Win Emerald registered with the Directorate of Investment and Company Administration in September, though no other public information exists on the company.
There are no official records concerning Ayeyar Winner.
Kayan Golden Sky is already running a hotel business in Loikaw - the Kayan Golden Sky Motel. The company only recently registered with DICA, in April 2019. It runs its main business at Khattar Street, in Loikaw.
BMB STEEL, a JV company of Canada & Vietnam, is a steel structural fabricator. The company designs, manufactures, supplies, and builds various steel structures.
The company, which has carried out over 20 projects in Yangon, Mandalay, and Taunggyi, expanded its business to Myanmar in late 2012 and is now focussing on industrial and warehouse projects.
Hpa An Traditional Lodge has registered under DICA in 2017.
The company’s director, Chi Yam Cyrus Pun, is CEO and executive director of Memories Group, which operates hotel services in Myanmar including the Awei Metta Resort in Yangon, Awei Pila Resort in Mergui Archipelago, the Keinnara Lodge in Hpa-an, the Keinnara Lodge in Loikaw, and the Hotel Suggati in Mawlamyine.
Credit: Myanmar Real Estate
