Singapore to invest $316m in housing

A high-rise project in Yangon. (Photo-Aung Kyaw Htet)

The Myanmar Investment Commission (MIC) has allowed two Singapore companies to invest over US$316 million in two Yangon housing projects, according to the Directorate of Investment and Companies Administration (DICA).

“A Singapore company will invest US$35 million in a housing project and another firm will invest US$280 million in a separate project,” said an official from the DICA.

The MIC also allowed two housing projects developed by two domestic companies.

Fortune International Limited is allowed to build apartments, villas, offices and a shopping complex in Mindama Road in Mayangone Township. Hi Star Co Ltd is allowed to build a four-storey commercial building beside the Yangon-Mandalay expressway in Phyu Township and take out a lease, according to the DICA.