A total of 15,000 condo units are to be completed and foreigners shall be able to invest in them
According to the Collective Ownership Buildings Management Committee, condominium construction projects in Yangon will be authorised to resume following government-mandated inspections, reported Myanmar Times.
U Myo Myint, a committee member, said, “inspections for construction sites should be completed soon. Currently, inspection teams are examining contracts and tax payments, as well as land ownership details.”
Condominium land ownership registered under the Condominium Law shall be transferred into the Collective Ownership.
The committee is cooperating with the Office of the Union Attorney General, the Central Bank, the Internal Revenue Department, and the Office of Registrations of Deeds for issues related to registrations under the Condo Rules.
Once registered condo units are available on the real estate market, foreigners shall have buying rights.
As stated by the Condominium Law, foreigners can purchase at most 40 percent of a whole condo project and no more than 25pc of the units in a condominium.
Overseas investors can buy condo units solely through the official inward remittance process, and all nationalities are allowed to make investments.
A total of 15,000 condo units in the Yangon region are expected to be completed soon.
U Shein Win, chair of the Myanmar Construction Entrepreneurs Association, said that the country will highly benefit from the influx of revenue if merely 6,000 of such units are sold to foreign investors.
Numerous projects were scheduled to finish in 2021, but are now expected to be completed next year as COVID-19 restrictions have temporarily halted work in the construction industry.
Meet the dynamic duo putting waste to work in Indonesia
Indonesian entrepreneurs Ovy Sabrina and Novita Tan have made a meaningful mark with their firm Rebricks
Wind power: The Philippines spearheads Asia’s clean energy revolution
The Philippines has set aside its history of rejecting renewables and is setting its sights on becoming the region’s top green power producer
Singapore explores electric avenues
The pace of installation and consumer sentiment are still lagging as Singapore aims to meet its 2030 EV ambitions
Arkitek MAA shapes the nation
The firm's knack for crafting landmark transport hubs and socially sustainable developments has established it as one of Malaysia’s foremost practices