Business

Condominium law spurs market demand: report

The Condominium Law, enacted in January, has revitalised the property market by allowing 40-per cent foreign ownership of a condo, according to real estate experts.

A recent report by house.com.mm, a property services website, also says allowing foreigners to acquire condos has raised market demand.

The property dealing is quite low, but the rental market is active. People seek apartments for rent under Ks200,000 (US$150) per month, the report says.

Yangon construction projects go unfinished

According to the Yangon City Development Committee (YCDC), an average of 500 buildings are permitted for construction every month in the city. However, the committee has no data on whether all of the permitted buildings end up being built.

In 2015, the property market in Yangon slumped significantly compared to previous years. As a result, construction activities in developing townships such as Thingangyun and South Okkalapa slowed, with some projects even ceasing mid-construction.

JICA to make regular checks on SME loan recipients

The Japan International Cooperation Agency (JICA) will conduct regular checks on small and medium-sized enterprises that have taken loans from the agency through the Small and Medium Industrial Development Bank (SMIDB) in Myanmar.

JICA’s first batch of loans, totalling Ks 480 million, was disbursed to 11 SMEs in Yangon Region, Bago Region and Shan State.

Public companies to submit business indexes

Public companies will have to present

Marga Landmark gets alternative plot for Dagon City project

The Myanmar Investment Commission has given a plot owned by the Ministry of Science and Technology to Marga Landmark Development Co Ltd as a new site for the Dagon City project.

On July 17, the Union government terminated the Dagon City project after Yangon residents signed a petition to end it, raising the concerns that the construction might harm the Shwedagon Pagoda.

The MIC decided to grant 17.70 acres at the corner of Kabar Aye Pagoda Road and Kanbae Road in Yankin Township, Yangon, at its meeting on February 5.

Rice farmers too dependent on China: report

Rice farmers are over reliant on the Chinese market, Myanmar Rice Federation heard at its annual general meeting at the Union of Myanmar Federation of Chambers of Commerce and Industry.

The northern giant takes 93 per cent of Myanmar’s rice.

Foreign investment declines

Until December this fiscal year, the country’s total foreign direct investment (FDI) from more than 20 countries exceeded US$4.9 billion, according to the Directorate of Investment and Company Administration (DICA).

In the 2014-15 financial year, FDI amounted to more than US$8 billion.

Fraudsters ruining suburban property market: analysts

Real estate analysts say developers are reticent to invest in Yangon's suburbs as the landowners often fail to provide proper paperwork to prove their claim to the land.

Properties in townships such as Dagon Seikkan, Mingaladon and Shwepyitha became popular as the prices were far lower than those in central Yangon.

Some have speculated that the increase of squatters over the years is to blame for falling suburban prices.

Overwhelming interest for Yangon Railway Station plot

Yangon - More than 70 local and foreign companies have submitted their expression of interests to develop the land plot surrounding the Yangon Central Railway Station, according to Myanmar Railways.

An anonymous source from the tender scrutinising committee said that their bids would be shortlist and the result would be announced in the second week of this month.

Yangon Stock Exchange to open amidst suspicion

Many analysts believe the Yangon Stock Exchange, which will be fully operational by March this year, is opening with unfair advantages and possible conflicts of interests.

The Yangon Stock Exchange (YSX) automatically entered the US sanctions blacklist as the Myanmar Economic Bank, an entity already sanctioned by the US Treasury Department’s Office of Foreign Assets Control (OFAC), claims ownership of the market by virtue of its 51 per cent stake.

The remaining shares are held jointly by Japan Exchange Group and Daiwa Securities Group.