Property News · July 29, 2016

Yangon high-rise projects up in the air


Myanmar government officials are up in arms over a review of high-rise projects in Yangon
A busy day in Yangon. Image credit: Insights Unspoken (Flickr)
Disagreement over a city-wide review of high-rise projects in Yangon has caught developers in the crossfire, with hundreds of projects cast into various stages of development limbo. Now a top-ranking Yangon government official is taking up cudgels for several business owners.
Daw Sandar Min, head of the Finance, Planning and Economic Committee of the Yangon region parliament, is now appealing to the regional government to reconsider 12 developments that have been suspended in the wake of the review.
After meeting with the developers and carrying out site inspections, Min was convinced that the construction designs were within specifications, contrary to findings by the High-rise Inspection Committee which recommended the suspension.
A decision could be passed in three days.
“If the regional government does not respond soon, we will take the issue to the hluttaw (Union parliament) and at that time Yangon Region government will need to respond,” she said.
According to the High-rise Inspection Committee, the projects ran afoul of draft zoning plans and, in a controversial recommendation, must reduce floors altogether.
“Our committee will watch this review closely because of the enormous losses to our economy,” Min told The Myanmar Times. “Workers on a daily wage are suffering every day that this suspension continues and I would like to remind regional officials to take this into account.”
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It’s a notable change of tune for Min, who previously objected to the construction of the Diamond Inya Palace Condominium. Set to be the tallest building in the country upon completion, the skyscraper halted construction after city officials determined that it was situated in a low-rise zone, as designated by a draft city zoning plan.
Some analysts have commended the review, an initiative of the new civilian government led by Aung San Suu Kyi’s National League for Democracy. Daw Marlar Tun of the non-profit Singapore Myanmar Exchange tells The Myanmar Times the review is necessary to achieve “sustainable long-term development.”
“The new government has a legacy of challenges to unfold and undo. Given their magnitude, it is understandable that all projects may not be allowed to happen at once,” she said.
To date, around 200 high-rise structures in Yangon approved by the previous administration have been temporarily closed.
Read next: Top 10 predictions for Yangon real estate in 2016

Source : property-report.com
Read more…Yangon high-rise projects up in the air

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