The company behind a high-profile development near to Shwedagon Pagoda that was cancelled earlier this month will be offered a new site for the project “very soon”, according to a spokesperson.
The Ministry of Rail Transportation has cancelled a tender to redevelop the area surrounding the Yangon Central Railway Station, with plans to launch another in the future, according to a statement posted on the Ministry of Information’s web portal late last week.
Yangon has long struggled to provide affordable housing options to its lowest income citizens, due to a lack of financing options and high land prices. Real estate agents believe that new developments in Dagon Seikkan township may be the first step towards a solution.
The sale of units in built-operate-transfer (BOT) housing developments has slowed almost to a standstill, as buyers grow increasingly wary of the risks, according to commentators.