Property News

During two years when the new Government takes office, the access of taxes from real estate transactions became reduced to more than 70%. The access of real estate taxes became reduced due to the increasing tax rate on real estate transactions, decreased real estate market condition, avoiding paying taxes, some real estate agents said. The access of taxes from real estate transactions has reached K 50 billion during 2016-17 fiscal year under the new Government, however, more than K 10 billion of taxes were received from real estate transactions during 2017-2018 fiscal year, said U Than Oo, a member of Myanmar Real Estate Services Association. Due to the higher tax rate, most of...

Mya Kan Thar Condominium Exhibition organized by iMyanmarHouse.com, Myanmar’s No.1 Property Website, was successfully held on 27th and 28th January 2018. Mya Kan Thar Condominium built by iGREEN Development is located in Mya Kan Thar 4th street, Hlaing Township. In the exhibition, all remaining condo rooms were sold at 30% down payment plan and the remaining 70% can be paid with long-term installment plan. The buyers are allowed to settle as soon as they had paid 30% down payment. As a result, all the rooms could be sold out during the exhibition days. Mya Kan Thar Condominium Project includes nearly 50 condo rooms. The sales value of a condo with three bedrooms is around K1.5...

Myanmar and China signed a Memorandum of Understanding (MOU) for Myanmar-China Economic Corridor Project on 6th February in Beijing. Myanmar delegation including Union Minister for Ministry of Planning and Finance attended the ministerial meeting of the Myanmar-China Economic Corridor was held from 3rd to 7th February 2018 in Beijing. U Aung Naing Oo, Director-General for Ministry of Planning and Finance and the Department of Investment and Company Administration posted on his social media (facebook) that the MOU of the Myanmar-China Economic Corridor was signed to work together towards for the future. China has proposed building an economic corridor with Myanmar to further...

Tax exemption allowance will be reviewed and prepared in order to attract investment services, said U Than Aung Kyaw, Deputy Director General of Directorate of Investment and Company Administration. It is needed to review tax exemption allowance for the reasons that the mass investments have accessed only in Yangon Region but in the underdeveloped areas, U Than Aung Kyaw said at the press conference held on 7th February. During the nine months of 2017-2018 fiscal years, USD$ 5.4 billion of foreign investments have accessed mostly in Yangon Region and Mandalay Region. However, it has not accessed in Chin State, Kayar State and Rakhine State. “Tax relief and exemption allowance...

Tender Invitation is announced to sell the state-owned land, buildings, apartments and (15) land plots in possession of the Privatization Commission. The projects under sales are (5) land plots in Mandalay Region, (2) buildings and (1) apartment in Yangon Region and (7) units of land and buildings in Shan State. In accordance with each Lot No, each proposal must be submitted. The sales date for tender is 5th March and it can be obtained Office (3), the Department of Project Appraisal and Progress Reporting, Naypyidaw. P.O Cheque must be presented started from 6th March to 8th March. Tender submission date is 9th March and tender proposals will be accepted in order from Lot No...

As the biggest problem is the lack so far of any overarching government industrial development policy, it is impossible to manage effectively, implement the industrial development activities. The Focal Ministry or the Department is needed to be set to handle and adjust directly between the Department of Urban and Housing Development under the Ministry of Construction which have implemented Industrial Zones and the current transfer Yangon City Development Committee, said U Win Naing, Deputy Chairman of Myanmar Industries Association. At present, there are many difficulties in the industrial zones like damaged roads, lack of clean water, lack of Social Security clinics and hospitals, 10%...

Japan Government is planning to support 15 million yen loans (K 1.5 billion) for the grass roots in order to purchase the housing projects through installment plans with low interest rate, according to Japan-based Medias. “This is for Housing Finance Support. We have already requested the project since March 2017. The Union-leveled Government has been planning to obtain the loans from Japan and the project can be accomplished during this year,” said a responsible person of Myanmar Construction Entrepreneurs Association. The current interest rate for housing projects under sales is 13% interest rates. If international loans were obtained, the interest rates for housing projects...

The applications to submit to be allowed to purchase more than (1000) apartments in six townships will be sold by the Yangon Regional Government starting from 15th February, accrodign to a member of Housings Sales Committee. The housing projects under sales are Inwa Housing and Kaung San Thar Housing in the southern part of Dagon Myothit Township, Yuzana Housing part (1) and (2) in Yuzana Garden City in Dagonseikkan Township, Kyipwaryay Housing in Thingangun Township, Shwelinban Housing and Htee Hlaing Housing in Hlaing Tharyar Township, Shop Houses in Shewpyithar Township, Shwepaukkan Housing in North Okalapa Township. The applications would be got by K 1000 in the four Departments of...

Yangon Myothit (New Town) project has been approved by Hluttaw to implement on the other side of Yangon River near Kyimyindine Township. The project will be implemented by the management of Yangon Regional Government, Chief Minister U Phyo Min Thein said. The project has been also approved in the first term of Hluttaw and now it is the second term of Hluttaw. If the project is not concurred, it can be discussed at the second term of Hluttaw, U Phyo Min Thein said at the meeting of Vice President and the business entrepreneurs held on 1st February in Yangon. “ We can discuss about the project in Hluttaw. This project is one of our continuous processed to be implemented,” U Phyo...

The housings sale center will be opened for the squatters and the immigrants from all places in order to get housings, said Yangon Chief Minister U Phyo Min Thein. It is planning to open sale center under the office of Urban and Housing Development on Bogyoke Road, said U Phyo Min Then at the meeting of Vice President and business entrepreneurs held on 1st February in Yangon. In Singapore, the housing projects are implemented by forming housing development committee. In also Yangon, the housing projects will be implemented led by Yangon Regional Government during three years. The housing projects will be implemented to solve housing problems of the squatters and the immigrants on...