Construction & Real Estate
From The Report: Myanmar 2016
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Myanmar’s construction industry has expanded rapidly in recent years. The sector’s GDP growth amounted to 7.7% in fiscal year 2014/15 and is expected to grow to 8.3% in 2015/16. Despite political risks, Myanmar’s development needs remain significant, particularly in infrastructure. With the victory of the National League for Democracy in November 2015, it is expected that 2016 will see an ongoing commitment to updating essential services, such as water supply and sewerage, upgrading airports and roads, and building better housing. With some 125,000 sq metres of retail space due to open over the next four years, Yangon is set to see more franchises and mid-tier brands establish themselves in the city. There is also potential for more affordable and mid-range housing projects due to Myanmar’s growing population, which is expected to increase by about 50% through to 2040. This chapter contains interviews with Ang Wee Gee, CEO, Keppel Land; and U Win Khaing, President, Myanmar Engineering Society.

Articles from this Chapter

Overview

The nuts and bolts: With the construction industry expanding apace, Myanmar is turning its attention to building regulations and standards
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Construction activity eased in 2015, as investors awaited the outcome of November’s historic election and the passage of a new law governing the development of condominiums. The law was introduced in Parliament in 2012 and could potentially allow foreigners to buy property in the country for the first time. Despite the political risks, Myanmar’s development needs remain significant, particularly in infrastructure. With the victory of the National League for Democracy, it is expected that 2016…

Interview

The right people: OBG talks to Ang Wee Gee, CEO, Keppel Land
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Interview:Ang Wee Gee In your opinion, how do construction timelines for projects in Myanmar compare to those of other countries in the region? ANG WEE GEE: Timelines vary among developers, particularly in an emerging market where regulations are not always clear. A developer does not work on its own but, rather, in collaboration with contractors, consultants and other industry professionals. Therefore, the appointment of the right consultants and contractors is a key factor in determining…

Overview

High-rise living: Potential in the upscale market leads to new condo and retail developments in Myanmar’s cities
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An expansion of retail space in urban centres is currently under way in Myanmar, as the country targets the creation of “destination” malls, similar to those that have proved popular in much of South-east Asia. In Yangon, Myanmar’s commercial centre, total retail stock stood at an estimated 171,078 sq metres of leasable space at the end of the first half of 2015, according to the real estate firm Colliers International Myanmar, a figure that has not increased since 2014. Retail Expansion Now,…

Analysis

Affordable housing: Yangon’s rapidly growing population is driving up demand for low-cost housing
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At least 330,000 people move to Yangon every year from Mayanmar’s rural heartlands or its townships in the hope of finding work. The city’s population is expected to reach nearly 10m by 2035, almost double the number registered in 2013. Housing Shortage This trend has prompted a housing shortage in the city that has pushed rents to the levels of Myanmar’s most prosperous neighbours. Many newcomers find themselves living in slums or small, poorly-maintained apartment blocks. Even families…

Interview

Gaining momentum: OBG talks to U Win Khaing, President, Myanmar Engineering Society (MES)
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Interview:U Win Khaing How does Myanmar’s building code compare to international norms? U WIN KHAING: The Myanmar construction industry has expanded tremendously over the last four years. We are seeing about $4.2bn worth of construction projects annually, and the business is growing by 8% each year. Therefore, we need to have a code and standards in order to regulate the industry. In the past we had no need of a national building code because construction works were mostly carried out by…