A crooked real-estate agent who reportedly resold the same land to several different buyers could have made off with hundreds of millions of kyat, say those who were cheated in the scam. The victims of the fraudulent transactions have been meeting to try to resolve the issue.
Yangon is facing an affordable housing shortage and will need to build thousands of new apartments over the new few years to prevent homelessness, but high costs and a lack of funding are likely to delay progress.
Myanma Railways has invited companies to apply to redevelop Kyeemyindaing Station and the surrounding area. This is the third station upgrade tender to be issued as part of an ambitious project to modernise Yangon’s circular railway line.
Urban city development and planning experts have warned that unless farmland in and around Yangon is protected by law it will continue to be sold for large industrial or residential projects, or divided up to be used for houses and factories.
The country’s oldest online property portal, Shweproperty.com, has secured “significant” six-digit funding from a regional investor, the company announced.
Over half of the 42 companies that have committed to building in Thilawa special economic zone are Japanese firms, according to U Myint Zaw, general manager of Myanmar Japan Thilawa Development.