Sep 5, 2013

Local companies investing over Ks 713 billion in construction

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 Weekly Media