Expats in Singapore buy $6m in Myanmar property

Award-winning Yangon properties offered at local expo

Yangon sunset. Ye Myat Phyo/Shutterstock

Myanmar citizens based in Singapore acquired up to USD6 million in Yangon condominiums and apartments at a two-day real estate expo held in the city-state earlier this month, reported the Myanmar Times.

The annual expo in Singapore, mounted by property portal iMyanmarHouse.com since 2015, enjoyed “a good level of sales,” the Times noted.

“The expos enable local developers and construction companies to market their units in Singapore. At the same time, it is also a convenient platform for buyers to purchase or invest in properties in Myanmar while living abroad,” said U Nay Min Thu, managing director of iMyanmarHouse.com.

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Participating property developments included Golden City, winner of Best Condo Development at last year’s PropertyGuru Myanmar Property Awards, and The Leaf Residence, winner of Best Condo Design, among other gongs, at the 2017 awards.

Units sold at the expo included apartments, condos and landed bungalows worth between MMK20million (USD13,000) and MMK500million, U Nay Min Thu said.

Myanmar’s overseas migrant workers currently number around five million, according to the Ministry of Labor, Immigration and Population. Around two million work in Singapore, Malaysia, China, the United Arab Emirates, Qatar, and other Asian countries, as well as the EU. The rest work in Thailand where they are employed mostly as manual labourers.