Yangon city authorities appear to have come down on the side of angry developers in the row over the suspension of 222 projects either under construction or at the planning stage. Following a city-wide review of project designs, the suspension was ordered because the buildings reportedly violated draft zoning regulations.
The Yangon Region government is hoping to finish the last batch of frozen high-rise projects this week – those that had yet to receive approval to begin construction under the previous government but which have nonetheless started building foundations.
The Yangon Region chief minister said this week that he hopes to support development in 12 townships that sit outside the Yangon City Development Committee’s jurisdiction, and create jobs for people at the edges of the city.
The chair of Yangon Region parliament’s economic committee has spoken out in support of developers, after they were ordered by a separate committee to change their project designs as part of a city-wide review of high-rises under construction.
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.