Construction and real estate industry officials are anticipating rising foreign demand for housing, office space and investment opportunities once the US sanctions are lifted. But an unstable policy environment could prevent the sectors from taking full advantage, they said.
In light of an accommodation supply glut in several of the country’s tourism hotspots, the government has announced a temporary suspension of new hotel developments in some of Myanmar’s most popular visitor areas.
High-rise building developers given the green light to resume construction after a ban imposed by the Yangon Region government in May say the unplanned disruption to their projects has led to significant financial and reputational losses.
Yangon City Development Committee has told the Sule Shangri-La hotel to dismantle and vacate a car park and signage area in front of its entrance as part of an effort to stop private buildings from encroaching on public land.
Nearly one third of Yangon’s high-rise building projects given in-principle construction permission under the previous government have been told to go back to the drawing board and make design changes despite already breaking ground on their developments, Yangon City Development Committee said last week.
Two Yangon townships are among a group of 20 chosen for the next cycle of a World Bank-supported national community development program, which puts funds in residents’ hands to help construct basic services and infrastructure in rural areas.