Yangon's outer suburbs are likely to become the preferred locations for high-rise residential projects because of high land prices and height restrictions near historic landmarks in the downtown and nearby areas, predicts a leading member of the construction industry.
Multi-national developer Marga Landmark and its Myanmar-based partner Thu Kha Yadanar unveiled plans for a 22-acre (8.9 hectares) multi-use complex located at U Htaung Bo Circle between Shwedagon Pagoda and the Yangon Zoo at a media briefing on June 23.
Hongkong and Shanghai Hotels Limited and Yoma Strategic Holdings Ltd.,have signed an agreement to convert the former Myanmar Railways headquarters in downtown Yangon into a luxury hotel, they announced in a joint news release.
Demand for rented accommodation will be a dominating feature of the real estate market in 2014, say market sources.
24 Aug Real Estate Price Blues
Myanmar’s surging property market
In May 2013, a choice residential property on Pyay Road in Yangon’s Golden Valley sold for US$972 per square foot (psf). Today, two months later, the owner has divided the property in half—and the asking price for one half of the bifurcated property is US$1,228 psf.