A controversial US$8 billion project to build a new city on Yangon's western outskirts has been indefinitely suspended by the Yangon region government.
Property transfer rules are encouraging money laundering and speculation, say members of the real estate industry.
|Photo: Hein Htet/Mizzima|
Construction entrepreneurs have responded to comments made by Myanmar’s Vice President Dr Sai Mauk Kham by telling Mizzima that the price of land is the major obstacle to the implementation of low cost housing projects in Myanmar’s commercial hubs.
Yangon's outer suburbs are likely to become the preferred locations for high-rise residential projects because of high land prices and height restrictions near historic landmarks in the downtown and nearby areas, predicts a leading member of the construction industry.
Multi-national developer Marga Landmark and its Myanmar-based partner Thu Kha Yadanar unveiled plans for a 22-acre (8.9 hectares) multi-use complex located at U Htaung Bo Circle between Shwedagon Pagoda and the Yangon Zoo at a media briefing on June 23.