Plans for a large US$300 million mixed-use project in Yangon were revealed last week, but government officials say they will keep an eye on its proposed high-rise structures to see if they contravene zoning plans.
It is no secret that speculators have pushed Yangon’s property prices sky-high, with costs for houses or industrial land or commercial office space now rivalling first-class cities like Los Angeles and Singapore, even though Yangon is the largest city in a UN-recognised Least Developed Country.
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.