Off plan sales of condominium units in Yangon have slowed this year, following a three year boom. As a result, some developers are likely to be left without enough money to continue to build and will be forced to default on their projects, which could further hurt market confidence, say experts.
The Yangon Region government has issued a tender for the development of a new town project which would expand the city to the southwest, after parliament reapproved the temporarily-suspended project in June.
The latest property tax assessments for the 2015-16 tax year have revealed that some areas of Mandalay’s myothit (“new town”), are more expensive than prime downtown locations.
A new condominium project in Mandalay is being planned by Asia Bright Land Development Company. It will be known as Khayae Residence, according to a brochure by Yangon-based creative design company Visible Project.
The scaffolding gave way on June 20 at a Mandalay hotel construction site, killing two workers and injuring another 18 people. Pictures of the incident were shared widely on social media, instigating concern over safety at construction sites.