Myanmar has an opportunity to attract more investment from neighbouring countries in the wake of new economic reform, according to Colliers International.

Myanamr Business Today reports that the Yangon Regional Government has issued 32 condominium licenses for real estate developers as of April 6. 

Union Minister for the Ministry of Construction U Han Zaw told MBT that the government was "implementing rules and regulations that are appropriate to the present time and will provide opportunities".

"We will start issuing condominium license for real estate developer and we are proud for that,” he said.

Colliers International said issuing developer licenses as a part of the new regulation would standardize the quality of condos in the future, as well as help developers market them to foreigners whose legal ownership has now been amended as 40 per cent.

"The new condominium law stipulates that a building should have at least 6 floors, and must be built on a land with the size of at least 20,000 square feet in order for it to be classified as a condominium," it said.

"Colliers studies find that only a small share of condominiums meet this eligibility standard as majority of them were developed on lands that are smaller than 20,000 square feet.

"As Myanmar opens its door for further economic reforms, Colliers recommends developers to organize sales events in neighboring countries with huge Myanmar population such as Thailand, Singapore and Malaysia to draw more attention to the newly built condos and their investment potential."\

Sources: Myanmar Business Today.

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