In most countries there are fewer announcements on new building projects in the period prior to an election. Myanmar was no exception. We saw some delays in building sales launches due to the November 8 elections. As expected the pace has now returned.
This is now the time to invest in Myanmar, a golden opportunity and we can help you. Some developers and investors were waiting for the elections. However, iGreen Construction opened, on schedule, their sales book for the Grand Mya Kan Thar Condominium, an 18 storey development.
Projects with revised launch dates in December include Min Residences, a 20-storey mixed development and the second tower of the HAGL Myanmar Centre. We published a blog on this topic earlier this year. The KT Group is now expected to launch their Project Pioneer, which at the press launch was valued at $600m. This is a mixed development on a 12 acre site, with retail, residential, office and hotel space.
Also, the Parami Bus Terminal will see the Inno City development. This comprises of five apartment blocks, a hotel, bus terminal and convention centre.
There is also continuing activity to press for reforms on the laws that regulate sites for development with pressure for change of the Condominium Law. This is also a subject we have covered in our recent blogs. The law covers regulations for foreigners investing in Myanmar. They are currently barred from buying condominium units, although a draft revision of the law has proposed that foreigners would be able to purchase units on the sixth floor or above.
We will, as always, keep you informed on developments in Myanmar. For specific news on developments across the commercial sectors, not only real estate but also in our sector, call us now to hear the latest news. We are here to help you, so you can focus on your business.