Local companies have invested over 713 billion Kyats in the construction sector, mainly in apartment blocks in Yangon, according to officials.
An announcement by the Directorate of Investment and Company
Administration on July 31, details the investments made by Myanmar
companies, which is topping the current foreign investment going into
the real estate market.
"Lately apartment buildings, office apartments and hotels have been
constructed, mostly by local investors. We are inspecting the quality
of buildings including hotels, office apartments and condominiums
jointly with shopping mall and apartments," said Than Myint, Chairman of
the Committee for Quality Control of High-rise Building Projects.
The analysts from the committee are inspecting the construction of 12
floor and higher building projects and currently are scrutinising the
construction of 34, 27 and 21 floor buildings.
"Yangon mostly constructed housings but later there were more
apartment buildings. More housing projects are now being constructed,"
said a business man in the construction sector.
In Yangon, the 34-floor Diamond Inya Palace, the 27-floor Diamond
Valley Rise apartments, the Yadana and Ayeyarwon housing and the the
51st street and Shwedon housing projects are all under construction.
Local businessmen also invested over 801 billion kyats in the production sector according to the announcement.
source: Eleven Myanmar
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