Hundreds of Condos in Yangon Have Disappeared
14 July 2016 – The Myanmar Times reported last month that YCDC had paused many of the city’s largest construction projects as the newly formed government planned a thorough review process.
Now, the first round of site inspection results have been announced for the twelve buildings targeted by the committee. The results show an impressive reduction in the size and scope of the buildings and a potential elimination of hundreds of planned condos in Yangon. Sites have been impacted all across the city, and more inspections are planned.
In one instance, a building that previously had been granted permission to building 32 floors of condos in Yangon may have been instructed to build no more than an estimated 18 floors of space.
In another case, the developer was told to reapply for construction permits, despite having previous permissions and having completed a significant amount of construction progress at the site.
Many developers and construction firms have indicated that upper floor units are often more popular because of the views they command, and have already been sold. Now, the developers will have to work together with their investors to find a solution to a problem that no one could have anticipated.
How will this affect the rental price of condos in Yangon? In the short-term, we expect rental rates to continue dropping, because a significant number of new condos in Yangon have already been completed and have opened to the market this year. In the medium term, however, a much-anticipated oversupply of more than 10,000 apartments and condos in Yangon won’t be as big an issue — so the free fall in rental rates may stabilize sooner than expected.
Read the full Myanmar Times Article — “Review orders dramatic changes to Yangon high-rises” or
See what Colliers Myanmar have to say about the Yangon Condo Market in their H2 2015 Report.
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