City construction on the increase
December 13 - 19, 2010
CONSTRUCTION across Yangon in 2011 is set to continue at a rapid rate with at least eight new high-rise residential projects on the drawing board as well as several smaller scale developments to be completed next year.
U Kyaw Ye Min, Naing Group construction’s marketing manager, told The Myanmar Times last week that his firm was concentrating on the downtown city area and focusing on older buildings which pose a safety risk to it’s inhabitants.
“Our target market is prime locations, especially downtown. The Yangon City Development Committee (YCDC) has declared several old building to be unsafe so we are working with the owners to rebuild their properties,” U Kyaw Ye Min said.
Downtown Yangon is considered prime location for property developers and investors due to it’s proximity to commercial areas and high property value. Locations such as Latha, Lanmadaw, Pabetan, Kyauktada, Pazundaung, Botahtaung and Dagon, Bahan, Kamaryut and Sanchaung townships are some of the most popular spots for developers.
Naing Group has almost 20 projects underway including eight high-rise properties. Eight of the projects are scheduled for completion next year. All of the properties are condominium style, up-market residential apartments.
U Soe Min Naing, manager of Shine construction, said last week that his company also had several large properties on track for completion next year.
“We will complete five high rise projects in Kyauktada, Mingalar Taungnyunt, Mayangone and Kamaryut townships in the next twelve months. Shine has 30 ongoing projects with more new projects being readied for 2012,” U Soe Min Naing said.
On a larger scale, Yadana Shwehtun construction company will finish 12 new property’s next year mostly in the downtown area in place of old and damaged colonial buildings.
“We have created instalment purchase plans for our properties and in general buyers can expect to have their new homes ready in about 10-14months after construction starts, depending on the number of stories,” Yadana Shwehtun’s managing director, U Lazrus said.
All company’s mentioned offer instalment payment plans and prices range from K20-300million.