A local Myanmar company - Youth Force Group of Companies (Youth Force) has taken the initiative to build a precast concrete factory in the country. For that, Youth Force has tied up with Yau Lee Holding Ltd, a top Hong Kong-based company. Hong Kong is one of the top investors in Myanmar with investments amounting to over USD 6.46 million (Ks 6.38 billion), according to the Directorate of Investment and Companies Administration.
Recognizing the need for low-cost housing in Myanmar, Youth Force has planned to build a precast concrete factory that can cater to the demand for affordable houses.
Although Youth Force and Yau Lee Holdings have already signed an agreement to build the factory, the actual site of construction is yet to be finalized. After choosing the site, Youth Force plans to complete the formalities of submitting the proposal to the Myanmar Investment Commission after receiving an approval from the Ministry of Construction. Tentatively, the factory will be built in the Thilawa Special Economic Zone (SEZ).
In the past, Youth Force has given technical assistance to many affordable housing projects in Myanmar, built by the Ministry of Construction.
More on precast technology and low-cost housing and construction sector updates will soon be accessible at Myanmar Construction Summit on 11-12 March 2014, in Yangon.
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In a bid to ease and quicken the process of applying for a construction permit, the Yangon City Development Committee (YCDC) recently said that land developers in Yangon will be able to submit construction permit applications online very soon. Although the exact dates are not revealed, YCDC said that the online service will be available in early 2014.
YCDC says that with commencement of the online service, concerned departments will start processing the applications. The applicants will also get prompt replies on their queries. This will help speed up the process. In the current scenario, those seeking permits have to visit the YCDC office and submit the application in person. Therefore, online submissions will be a cost-effective and time efficient service. However, the online application process, in the beginning, will only be applicable to a few townships, and more would be given access soon.
At present, YCDC only provides online services for land grants and ownership. A few online application services of YCDC are already available on the official website www.ycdc.com.mm.
Given the high level of investments in Myanmar's construction sector by several foreign and local companies and Yangon being the epicenter, this move is a step in the right direction.
CMT's Myanmar Construction Summit will look into such latest developments in Myanmar's construction sector that opens on 11-12 March, 2014 in PARKROYAL, Yangon.
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Visit the official webpage for more details about the event.
The total investment in Myanmar’s construction sector by foreign companies has already exceeded USD 37 million (Ks 36.03 billion).
Singapore is the sixth biggest investor in Myanmar and to date Singapore has invested in about 90 projects in the country. The 2 latest Singapore companies to invest in Myanmar are Wood Craft International and Uni Global Power.
The two companies will invest in the country’s wood-based industries and construction sectors in a joint venture with local Myanmar counterparts – Myanmar's Global Star and Nature Link. This partnership is aimed at producing finished wood products and invest in infrastructural development projects including hotels, apartments, offices, city marts in the country. The joint venture will function on the build-operate-transfer (BOT) model.
Apart from Singapore, this year the Myanmar Investment Commission has approved proposals by companies from other countries including the United Arab Emirates for construction sector projects such as hotels, office apartments and office buildings. Recent reports indicate that Thailand’s largest specialty chemicals company, Sika, is also eyeing to invest in the booming construction sector of Myanmar. Myanmar’s Directorate of Investment and Companies Administration (DICA) has already approved Sika’s proposal to open a branch office in Myanmar in early October 2013.
Attend Myanmar Construction Summit 2013 on 2-3 December 2013 in Yangon to know more about the growing construction sector of the country.
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Myanmar’s local companies have invested 713 billion Kyats in the booming construction sector in the country, the Directorate of Investment and Company Administration said in a report.
The report also indicated that most of the recent apartment buildings, office apartments and hotels have been funded by local investors.
The Committee for Quality Control of High-rise Building Projects is entrusted with the responsibility of scrutinising the newly constructed buildings. The committee is closely inspecting the new building projects, especially hotels, office apartments and condominiums, jointly built with shopping malls by the local companies, which are 12 floors or higher.
Yangon has witnessed a steady rise in the construction of apartment buildings. Some of the under construction housing projects in Yangon include – the 34-floor Diamond Inya Palace, the 27-floor Diamond Valley Rise apartments, the Yadana and Ayeyarwon housing and the 51st street and Shwedon housing projects.
The announcement also mentioned that local businessmen from Myanmar invested over 801 billion kyats in the construction sector.
To know more about the latest developments in the construction sector in Myanmar, attend Myanmar Construction Summit on 02-03 December, 2013, in Yangon.
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According to the report of Directorate of Investment and Companies Administration, as of June 2013, the amount of money, invested in Myanmar’s construction sector by foreign investors had almost touched the US$ 38 million mark.
Thar Htay, Chairman of Myanmar Construction Entrepreneurs Association, in an article in Eleven, said that Myanmar’s engineers are currently carrying out technical cooperation with foreigners on construction sites in Yangon. He went on to say that they have appointed foreign experts as technical advisors for the same. A South Korean engineer has already been zeroed in on one of their construction sites.
Several foreign countries are now planning to invest in Myanmar's construction sectors as the country has opened up to economic reforms. In order to carry out its technical cooperations Myanmar is all set to sign an agreement with Japan and Vietnam. The aim of this agreement is to create job opportunities in the engineering and construction sectors.
Leading investors in Myanmar’s infrastructure and construction projects include China, Thailand, Hong Kong and South Korea.
According to Thar Htay the international community is interested in Myanmar because the country presents many good opportunities. Several foreign techniques are being made use of in the construction of Ayeyarwon and Yandana low cost housing projects.
Supported by the Ministry of Construction, CMT’s Myanmar Construction Summit 2013 on 02-03 Dec, 2013 in Yangon will tackle all issues related to Planning, EPC & Project Management.
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