Business

Yuzana Plaza agrees not to raise rental rate

The Yuzana Plaza administrative committee agreed not to increase the rental rate for shops, according to shopkeepers in the plaza.

“The committee informed us yesterday that they agreed not to change the rental rates,” said a shopkeeper.

The committee informed the shopkeepers that they would increase the rental rates on January 16 after Mingala Market was damaged by a huge fire. The rental rate was meant to be raised by 40 per cent to Ks 2.5 million per month.

High inflation reported last month

The country’s average inflation rate reached 10.97 per cent in January this year, which is higher than 10.75 per cent for the same period last year, according to a survey on the ratio of the consumer price index and inflation which was conducted by the Central Statistical Organisation under the Ministry for National Planning and Economic Development. 

According to the CIP and inflation ratio last month, the CPI rate was 211.85 per cent, a 10.06-per-cent increase compared with the same period last year. 

Nissan plant to open this year

Nissan, the Japanese auto giant, has said it will launch its first assembling plant in Myanmar this year and manufacture at least 10,000 vehicles annually.

The plant in Bago is due to employ about 300 Myanmar nationals.

Nissan said that it expected the demand would increase rapidly due to political and economic changes in the country.

US$62m wholesale market project underway

The Golden Dragon Construction (GDC) and the Myanmar International Cooperation Agency (MICA) signed a contract for the US$62-million Danyingon Wholesale Market project which will be built on a 64-acre plot in Insein Township, Yangon Region.

The project consists of a wholesale market exclusively for meat and two cold storages.

Five community-based tourism projects underway

 

The Ministry of Hotels and Tourism slated five community-based tourism (CBT) projects, according to deputy minister Dr Sai Kyaw Ohm.

He spoke at a forum on the development of community-based tourism Monday.

The project areas include the Pa-O Self-Administered Zone in Shan State, Indawgyi Lake in Kachin State, Thantaunggyi in Kayin State, the Ayeyawady dolphin sanctuary in Mandalay Region and Demawso in Kayah State.

Rice prices to drop this summer: MRF

 

Though rice prices have risen with the depletion of monsoon paddy in the market, they may fall as summer paddy enters the market, according to the Myanmar Rice Federation (MRF).

“The monsoon paddy harvested in October is dwindling in the market now, and summer paddy has yet to enter the market. Rice prices usually rise at this juncture. The summer paddy will be harvested in March, and some farmers have already started harvesting,” said a federation official. 

Shortlisted companies for Yangon railway project announced

Myanma Railways yesterday announced the shortlisted companies for the Yangon railway multi-purpose development project, according to state-owned media.

Myanma Railways, under the Ministry of Rail Transportation, invited bids for a mixed-use development project on 63.622 acres of land. Among the 15 shortlisted contenders are companies from the US, Italy, France and the UK. A total of 18 local and foreign companies from 14 countries submitted expressions of interest in implementing the project.

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.

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.