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.
Fewer developers have been charged for building without a permit in Yangon this year than in the past two years, according to a city official, who believes this reflects a slowdown in the city’s construction sector rather than a growing respect for the law.
A Yangon Region government committee charged with reviewing high-rise projects approved by the previous government to decide whether or not they should go ahead will release its first round of inspection results today or tomorrow, one of its members said.