Property News

During 2018, the Yangon Myothit project and Special Economic Zones (SEZs) will be implemented for the development of west bank of Yangon River, U Phyo Min Thein, Chief Minister of Yangon Region said at the Myanmar Infrastructure Summit 2018 held on March 20. At the summit, Daw Khine Moe Nyunt, Deputy Director of the Yangon City Development explained about Yangon Urban Development Master Plan & Priority Projects including Myothit projects. Accordign to the Yangon Urban Development Master Plan & Priority Projects, the Myothit Projects will be implemented in Kyimyindaing Township, Dala Township and East Dagon Twonships. The project area of Kyimyindaing and Twante Myothit project is 250...

The names of people who have allowed to buy the affordable housing projects in Hlaingtharyar Township and Dagon Seikkan Township has been published by the Department of Urban and Housing Development and they have to contact in person to the Department on March 23, according to a release from the Department of Urban and Housing Development. The applications to buy the affordable housing projects in Hlaingtharyar Township and Dagonseikkan Township implemented by the Department of Urban and Housing Development were accepted at the last date of December 19th 2017. Meanwhile, the applications have been analyzed and the lists are published at No 228/234, Bogyoke Aung San Road, Botahtaung...

The Yangon Regional Government will pay land compensation of K 10 million to those who want to get the substitute lands because their lands are seized by the Government for the Yangon Myothit Project which will be implemented in Twante, Kyemyindaing and Seik Kyi Khanaung Townships. The land owners have been instructed to inform whether they will accept the land compensation or the substitute land to the relevant administrative departments at the last date April 5, according to the instruction by the Yangon Regional Government. “The instruction has been released to the respective townships. But, we will accept the substitute land because the land price can be rise in future,” said...

The inclusive and sustainable growth of the country’s economy is due to the balanced property sector under the new Government, U Phyo Min Thein, Chief Minister of Yangon Region said at 4rd Myanmar Infrastructure Summit 2018 held in Sule Shangrila Hotel. “We handle the property sector in balance not to affect the economic growth. As a result, this leads to an inclusive and sustainable economic development,” U Phyo Min Thein said. The systematic development in construction sector and housing projects results can bring the country’s sustainable economic growth. The instability in property sector impacts on the country’s economic and bank development. Therefore, the property...

The Yangon Regional Government will build the houses to allow the fire victims squatting in Hlaing Thar Yar Township to temporarily stay in them, according to the MP of Hlaingt Thar Yar Township. The building is 40×20ft wide including four rooms with one room for each family. At present, there are 18 buildings with four rooms. More than 70 squatters’ houses beside Yangon-Pathein Road, Hlaing Thar Yar Township were burned in the fire on February 23rd 2018 due to the negligence. Therefore, these fire victims were allowed to settle in the houses built on the Yangon Regional Government-owned land beside Kyansitthar Road. The fire victims are not able to sell and mortgage the houses...

The Yangon circular railway renovation and upgrade project will be carried out into two parts: the eastern part and the western part. Myanma Railways has signed an agreement with Shwe Taung Co., Ltd to handle the eastern part of the project, said U Kyaw Kyaw Myo, General Manager of Myanma Railways. “We’ve signed an agreement with Shwe Taung Co., Ltd yesterday. We have to implement many processes to complete the upgrade project. So, it is not sure which process will be started first. The upgrading process will be run soon,” he said. The upgrade work covers the upgrading the drainages along railroad, pebble caving, streets cleaning, building high platforms, signal system...

The Myanmar-Japan Joint Economic Conference was held at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) in Yangon on March 13th 2018. At the conference, Myanmar and Japan agreed to boost for Myanmar’s economic development, business cooperation, infrastructures development and human resources development, according to a release from the UMFCCI. At the conference, the two countries discussed about the bilateral cooperation projects, to invest in Myanmar’s electricity sector, to support the skills trainings by Japan for Myanmar workers, according to the UMFCCI. In addition, Japan-Myanmar Economic Committee and the Federation of Chambers...

The Ministry of Construction has submitted a plan to get additional 60 billion yen from the Japan International Cooperation Agency (JICA) for Yangon-Mandalay Railroad Upgrade Project to the Union Parliament on March 15. The first phase would be carried out with an Official Development Assistance loan 56.622 billion yen from the JICA. The loan would be used in the urban engineering process and telecommunications, to buy the locomotives and coaches, to set up railway traffic control system and to buy concrete sleepers and related accessories, said Deputy Minister U Thar Oo of the Ministry of Construction. The phase (1) of the project includes Naypyidaw (Union Territory), Bago Region...

The five local private banks have applied for licenses to establish bank and will be allowed soon, said U Soe Thein, Deputy Chairman of Myanmar Central Bank. At the National Parliament Assembly held on March 14, U Kyaw Htwe, MP of No.(8) Constituency, Yangon Region questioned U Soe Thein about what policies are needed to follow in establishing a bank. The five banks applied for licenses are Myanmar Farmer Development Bank (Mandalay), Glory Farmer Development Bank (Sagaing), Mineral Development Bank, Myanmar Tourism Bank and Shwe Nann Saw Bank. Of the five banks, Honorable Farmers Development Bank, Metal Development Bank and Myanmar Travel Bank are short-listed and will be allowed...

If the house owners apply the low-cost housings implemented by the Yangon Regional Government, the applications would be canceled,” said U Nyi Nyi, member of Public Housings Sales Committee. “If you know someone, who has their own house, apply to buy the low-cost housings, please inform the responsible officials and then the applications would be canceled,” he said. Previously, it is set to apply the applications from February 15 up to March 15 but the submission date is extended up to March 30, he said. “In the meantime, it takes three to five days to explain the unclear issues of the public. So, the Public Housings Sales Committee assembled a meeting and decided to...