YANGON could see more high-rise buildings going up as the authorities set deadlines for the completion of stalled construction projects – with tough penalties for delays.

The Myanma Investment Commission has decided to set deadlines for the completion of Yangon’s high-rise building projects, industry sources said last week. Some incomplete buildings were started as early as 2003.

U Ko Ko Htway, the chairman of Taw Win Construction Co Ltd, said the commission would set December 31, 2009, as the completion date for projects that are jointly implemented by private companies and government departments such as Yangon City Development Committee (YCDC) and the Department of Human Settlement and Housing Development.

Some developers have temporarily suspended work for various reasons, including the cost of construction materials and labour, said one developer on condition of anonymity.

“If these projects are not completed before the deadline, they will have to pay overdue fees, so I think many high-rise projects will meet the deadline,” said U Zaw Win, the chief engineer of the YCDC building department. YCDC has set overdue fees at K100,000 a day.

“Most developers are trying to accomplish their project as soon as possible and we are also accelerating our Taw Win Complex project on Pyay Road despite high materials costs and labour charges,” U Ko Ko Htway said.

Other major high-rise projects on Pyay Road include Pyay Garden and the Hledan Junction Tower. All three developments, of condominium apartments, will be 25 storeys high.

U Zaw Win added that YCDC had reviewed the design and structure before construction began. The committee sets deadlines on a case-by-case basis, taking into account location, design and construction materials.

Industry sources believe the setting of deadlines could mean that more high-rise buildings could appear throughout Yangon before 2010, industry sources tipped.