More MIC approvals for new construction projects in Yangon
22 Jan

More MIC approvals for new construction projects in Yangon

FocusCore have been saying that Myanmar is presenting massive, once in a lifetime, opportunities. More news now confirms further volume to the ongoing good news forecasts. The Myanmar Investment Commission (MIC) has confirmed approval for a number of very significant building projects. These are mixed use constructions in prime real estate locations.

First there is the $350m Times City project is in Kamayut Township, Hanthawaddy Street. Kamayut is in the north central part of Yangon and is one of the most prosperous areas in the city. Pyay Road runs across the township with many education and media related institutions, including Myanmar Radio and Television, Yangon University, The University of Medicine and The Yangon Institute of Economics.

Local conglomerate Crown Advanced Construction was granted approval for two projects. The plans relate to a 1.8 site in Sanchaung Township for a 17 storey construction of residential units. This is part of a larger site of nearly 9 acres also now with permission to build units for commerce and residences.

The key feature, the 17-storey residential building, will be transferred to the Yangon City Development Committee (YCDC) as part of the investment agreement. However, the overall project will include four towers, 2 residential and 2 commercial, retail units as well as a luxury hotel. (Last year reports stated the Hilton Hotel Group were in discussions with Crown Advanced Construction for a hotel in Yangon).

The overall project is impressive and Crown Advanced Construction won the bid in 2012 and some details were released on the profit sharing agreement with the Yangon City Development Committee (YCDC). The committee’s chairman also acts as the city’s mayor.

Plans have been approved for the Kanbae Towers, a project of $60m to provide five towers providing 558 residential units. This will be in downtown Yangon also known as the Yangon Central Business District or Yangon CBD, formerly the Cantonment. This is the central business district of Yangon, Myanmar, located close to the geographic centre of the city and also the site for many arts institutions and sports facilities.

These developments are hot on the heels of other major Yangon real estate projects, which were approved in December 2015. These confirm consent for First Myanmar Construction (part of Myanmar V-Pile) on a site covering 37 acres in Mayangone Township. This development will comprise mixed-usage units and a budget of $345m with eight 12 storey residential towers, four 12 storey office towers, a five-storey shopping centre, a four star hotel with 17 floors, a convention centre on five floors plus three exhibition halls all supported by a dedicated IT building.

Further news emerged that Golden Thitsar has won approval for a foreign and local joint venture at Kanbae Station Road in Yankin Township for commercial and residential units covering just over 2 acres. This will provide commercial and residential units on the site that covers just over 2 acres. This is a joint venture group of Myanmar companies, New World Shwe Pyi Tan and Southern Metal Industry (SMI).

So as you can see Myanmar is by any judgement in major expansion mode. The decision by FocusCore Group to open in Myanmar has more than been confirmed as a most positive step. We help companies not only start operations in Myanmar but also offer ongoing support with a growing range of corporate services. If you are considering investing here, or seek more details or clarification on the processes to apply for visas or authorisations then give us a call. We work on a daily basis with Government staff and many departments plus local and international companies, who are already thriving in this growing economy.

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