Buyers of unbuilt apartment units ought to tread carefully when dealing with building contractors who take the money before construction work even begins on an apartment building, according to experts.
The rainy season has brought its annual reduction in demand for construction materials. Prices have likewise fallen, but even the hardiest developers have little interest starting to building foundations and putting up buildings in the rain.
American hotel operator Hilton Worldwide has expanded its presence in Myanmar, signing a contract to manage another five hotels following its entry to the country last year.
Land speculators could get their fingers burnt if town planning rules prevent the construction of certain types of building on their property, a government minister has warned. U Soe Maung, Union Minister for the State President’s Office, says that city zoning could help stabilise land prices.
Unlincensed contractors are facing a crackdown as the Yangon Region government is spurring municipal authorities into action.
The developers behind Kyaukphyu Special Economic Zone plan to release the master plan at the end of June, even as a “mud volcano” has forced some of the project to move, according to officials.