Eight foreign companies from five countries are bidding to develop a 2-acre plot of land in Yangon owned by the Myanmar Construction Entrepreneurs Association, according to chair U Tha Htay.
Shwe Taung Group of Companies yesterday launched a mixed-use project worth US$300 million in the centre of Yangon, demonstrating that the local conglomerate has shaken off its controversial past to emerge as a viable partner in the eyes of many international investors.
Real estate is likely to bounce back in 2016 after more than a year of depressed sales, while prices will fall as new supply comes online, said investors and agents.
High rental costs downtown, allied with cramped accommodation, congestion and noise, are driving business and residential tenants out into the suburbs, pushing up rental costs in the leafier areas of the city.
The Myanmar Fire Services Department and Yangon City Development Committee have issued new safety instructions for high-rise buildings following a fire that engulfed the top of an incomplete condominium earlier this week.