Fitch Solutions downgrades Myanmar’s construction outlook on Rakhine and reform inertia

Photo: Aung Myin Ye Zaw Consulting firm Fitch Solutions Macro Research downgraded the growth forecast for Myanmar’s construction industry, saying economic reforms which would boost infrastructure development had been knocked off course and the northern Rakhine crisis would weigh on the economy. Fitch Solutions Macro Research, a unit of London and New York-headquartered Fitch Group,..

Read more

Yangon to build innovation centre with Seedstars

The Yangon regional government is inking a deal with a Swiss start-up incubator to launch the Yangon Innovation Centre. Following the regional government’s decision last year to go ahead with the project, a tender to build the centre was called in January this year. Swiss-based incubator Seedstars was selected from the six local and foreign..

Read more

Yangon residents unhappy with YCDC: survey

Yangon city. Kang Wan Chern/The Myanmar Times A survey conducted by civil service group Alinsaetamarn Library and Resource Centre has revealed that the majority of Yangon’s residents are dissatisfied with the Yangon City Development Committee (YCDC). The survey, which polled the views of 1,205 members of the public across Yangon, was conducted in March. The..

Read more

Aung Myin Ye Zaw/The Myanmar Times A law is being drafted to establish a Construction Industry Development Board (CIDB) which will set standards for the construction industry, U Kyaw Lin, deputy minister of the Ministry of Construction told the Pyidaungsu Hluttaw on August 20. The new law is being drafted with help from the Building..

Read more

Zay Kabar Company in row with squatters

Zay Kabar Company, a local conglomerate with interests in construction and telecommunications, will continue to take action against squatters who trespass on land which it has earmarked for development. On July 28, conflict arose between squatters and employees of Zay Kabar Company after the latter removed tents that were built on private land which had..

Read more

Property developers come under pressure as dollar rises

Construction companies are under pressure from higher costs of imported materials. The Myanmar Times Property contractors are under pressure from rising costs of building materials as a result of the higher dollar-to-kyat exchange rate. Building machinery and materials such as steel bars, which are imported from overseas, have become dearer to local developers and contractors..

Read more

53 companies express interest in building Yangon’s ring road

A total of 53 local and international companies/ consortiums are interested in the 47.5-kilometre elevated ring road in Yangon, the Ministry of Construction announced on July 4. On May 18 last year, the Ministry of Construction (MOC) invited local and foreign investors to submit Expressions of Interest (EOI) for the construction of an elevated four-lane..

Read more

Legislator questions hotel project at defence museum

A security guard for Shwe Hinn Tha Construction tries to stop a photographer for The Myanmar Times at the construction site of the Okura Prestige Yangon project, where the Defence Museum was formerly located in Yangon, on Tuesday. Shin Moe Myint/The Myanmar Times A legislator on Tuesday asked the parliament for more details about a US$320..

Read more