The future of a highly ambitious and controversial plan to build seven “new cities” around the outskirts of Yangon will now be in the hands of the incoming government, due to repeated delays, officials said.
The President’s Office will grant ministry-owned land in Yangon to five companies, as compensation for cancelling their projects beside Shwedagon Pagoda earlier this year, a senior official said.
Prospects for the passage of the elusive Condominium Law have receded still further as a debate aimed at reconciling differences in the draft bill between the two houses of parliament was postponed, with no new date fixed.
Thousands of people in Yangon want a home of their own – and a system of mortgage loans would enable potential buyers to see their dream come true, housing industry experts say.
For many years, large areas of land in Yangon have been handed over to well-connected companies for development, with little or no public information about the terms of the deals, and no space for smaller businesses to compete, said an industry body.