High-rise building developers given the green light to resume construction after a ban imposed by the Yangon Region government in May say the unplanned disruption to their projects has led to significant financial and reputational losses.
Yangon City Development Committee has told the Sule Shangri-La hotel to dismantle and vacate a car park and signage area in front of its entrance as part of an effort to stop private buildings from encroaching on public land.
Nearly one third of Yangon’s high-rise building projects given in-principle construction permission under the previous government have been told to go back to the drawing board and make design changes despite already breaking ground on their developments, Yangon City Development Committee said last week.
Two Yangon townships are among a group of 20 chosen for the next cycle of a World Bank-supported national community development program, which puts funds in residents’ hands to help construct basic services and infrastructure in rural areas.
Yangon Internal Revenue says it has arrived at a fresh set of property values for the city’s neighbourhoods in which property tax is assessed. A spokesperson said the tax department was still waiting on government approval before they can be officially released, but the new valuations are higher than the current schedule being applied.
Local construction firm Shwe Taung Group has entered into a joint venture with Singapore’s Keppel Land to develop serviced apartments and offices as part the second phase of the Junction City project in downtown Yangon.
Over 500 of Yangon’s licensed building contractors met last week to debate forming an industry association, which will have a long list of policy complaints to take to Yangon City Development Committee.