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.
Land near the Hanthawaddy International Airport Project are selling like hot cakes in spite of skyrocketing prices after the announcement of the construction project contract award to a Korean construction consortium.
According to real estate dealers even in Yangon land deals were struck at lower prices but in Bago, near the Hanthawady Airport Project, land deals are made at a much higher price.