Yoma Strategic recorded its first taste of revenues from its local branches of US fast-food chain KFC in the first quarter of this financial year and enjoyed growth in its automotive and property rental businesses. But a sluggish real estate market left the group’s net profits down on the previous year.
Twelve developers ordered by the government to reduce the scale of their high-rise residential projects in Yangon said yesterday that the review – which includes a total of 222 projects – could cause up to US$6 billion in losses and force many companies out of business.
A member of the Yangon high-rise inspection committee charged with a city-wide review of high-rise projects has defended the controversial inspections, saying they are a “one off”, as developers brace for the second batch of results to be released tomorrow.
Yangon authorities have told 12 developers to drastically change their project designs, in the first round of feedback following a drawn-out review of high-rises across the city, according to documents released yesterday, seen by The Myanmar Times.