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MDA Requests Government to Finalize Apartment Bill
AUTHOR: HMONE LAY
Myanmar Developer Association (MDA) has made a request for government to prepare the Apartment Bill as soon as possible in order to protect apartment buyers.
The law will allow for two things. First it enables apartment owners to legally register, sell or sub-lease their apartments in accordance with law, and secondly, the government will be able to legally collect tax on the sale of the apartment.
“Due to the lack of an apartment law, contracts that are written between buyers and sellers are considered informal. If you want to use your home as collateral at a bank, the contract is not worth anything in the eyes of the bank. This deprives consumer rights from people. As the contracts are informal, frauds and other unwanted consequences such as developer running away can happen. Yet, government can’t get tax since the contracts are done informally. When the law comes out, apartments must be registered,” said U Myo Myint, General Secretary of Myanmar Developers Association.
There have actually been two bills put forth. The first one was drafted by the Myanmar Developer Association and the Yangon Regional Government. This law was intended as an Apartment Law exclusively for Yangon, which has over 300,000 apartments, far more than other states and regions.
The other bill was introduced by the Myanmar Licensed Contractors Association, and it has been submitted it to Pyidaungsu Hluttaw’s (the national parliament) construction committee for review.
“Now, the two separate bills might be combined at Union level. This cannot be decided by the Yangon Region alone,” U Myo Myint said.
On March 15 at the monthly regular meeting with U Myint Swe, Vice President No.1 of Myanmar, local businessmen requested the government allow six months, or a certain amount of time, for people to prepare before enforcing a law or an order.
Yangon Real Estate Only Seeing Demand for Rentals
AUTHOR: HTWAL SAN Due lack of investment in Yangon’s real estate sector, there is very little demand for real estate properties with exception of rental properties, according to local real estate agents. “Investment in real estate is very low and thus the real estate market is inactive. There is only demand for rental properties. Before, the prices were set based on location. But now there is no set price. If you like the price, you will sell it or buy it,” Daw Moh Moh Aung, Secretary of Myanmar Real Estate Services Association, said.
Hilton Expands Footprint in Myanmar with Signing of New Hotel in Yangon
AUTHOR: SWE LEI MON Hilton has officially announced the signing of a management agreement with Myanmar partners Crown Advanced Construction Co., Ltd to operate a 308-key hotel near downtown Yangon, Myanmar. Set to launch under its flagship Hilton Hotels and Resorts brand, Hilton Times City Yangon marks the company’s continual expansion in Myanmar and will be its first hotel in the Myanmar city when it opens in 2022.