{"id":11196,"date":"2021-02-25T11:59:42","date_gmt":"2021-02-25T04:59:42","guid":{"rendered":"https:\/\/www.asiapropertyawards.com\/?p=11196"},"modified":"2024-09-18T14:17:19","modified_gmt":"2024-09-18T07:17:19","slug":"inspections-of-condominium-construction-resume-in-myanmar","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/inspections-of-condominium-construction-resume-in-myanmar\/","title":{"rendered":"Inspections of condominium construction resume in Myanmar"},"content":{"rendered":"<p><span data-contrast=\"none\">A total of 15,000 condo units are to be completed and foreigners shall be able to invest in them <\/span><\/p>\n<figure id=\"attachment_11201\" aria-describedby=\"caption-attachment-11201\" style=\"width: 1000px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\"wp-image-11201 size-full\" src=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1537078211.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1537078211.jpg 400w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1537078211.jpg 600w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1537078211.jpg 620w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1537078211.jpg 190w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2021\/02\/shutterstock_1537078211.jpg 1000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-11201\" class=\"wp-caption-text\">Once registered condo units are available on the real estate market, foreigners shall\u00a0have buying rights. BalLi8Tic\/Shutterstock<\/figcaption><\/figure>\n<p><span data-contrast=\"none\">According to the Collective Ownership Buildings Management Committee,\u00a0<\/span><span data-contrast=\"none\">condominium construction projects in Yangon will be\u00a0<\/span><span data-contrast=\"none\">authorised<\/span><span data-contrast=\"none\">\u00a0to resume\u00a0<\/span><span data-contrast=\"none\">following<\/span><span data-contrast=\"none\">\u00a0government-mandated inspections, reported Myanmar Times.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">U Myo Myint, a committee member, said, \u201cinspections for construction sites should be completed soon. Currently, inspection teams are examining <\/span><span data-contrast=\"none\">contracts<\/span><span data-contrast=\"none\">\u00a0and tax payments, as well as land ownership details.\u201d\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Condominium land ownership\u00a0registered under the Condominium Law shall be\u00a0transferred into the C<\/span><span data-contrast=\"none\">ollective Ownership<\/span><span data-contrast=\"none\">.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">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 <\/span><span data-contrast=\"none\">Deeds for issues related to registrations under the Condo Rules.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Once registered condo units are available on the real estate market, foreigners shall\u00a0<\/span><span data-contrast=\"none\">have buying rights.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">As stated by the Condominium Law, foreigners\u00a0<\/span><span data-contrast=\"none\">can<\/span><span data-contrast=\"none\">\u00a0purchase at most 40 percent of a whole condo project and no more than 25pc of the units in a condominium.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Overseas investors can buy condo units solely\u00a0<\/span><span data-contrast=\"none\">through the official inward remittance process<\/span><span data-contrast=\"none\">, and all nationalities are allowed to make investments.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.asiapropertyawards.com\/en\/singaporean-families-in-public-rental-homes-are-now-homeowners\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>More: Singaporean families in public rental homes are now homeowners<\/strong><\/a><\/p>\n<p><span data-contrast=\"none\">A total of 15,000 condo units in the Yangon region are expected to be completed soon.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">U Shein Win, chair of the Myanmar Construction Entrepreneurs Association, said that the country will highly benefit from the influx of revenue if\u00a0merely 6,000 of such units are sold to foreign investors.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Numerous projects were scheduled to finish in\u00a0<\/span><span data-contrast=\"none\">2021, but<\/span><span data-contrast=\"none\">\u00a0are now expected to be completed next year as COVID<\/span><span data-contrast=\"none\">-19 restrictions have temporarily halted work in the construction industry.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:120,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A total of 15,000 condo units are to be completed and foreigners shall be able to invest in\u00a0them\u00a0\u00a0<\/p>\n","protected":false},"author":12,"featured_media":21039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[92,1],"tags":[632,112,193,192],"class_list":["post-11196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-report","tag-condominium","tag-foreign-investment","tag-myanmar","tag-yangon","news_country-myanmar","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inspections of condominium construction resume in Myanmar | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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