The Department of Human Settlement and Housing Development (DHSHD) under Yangon City Development Committee (YCDC) will lease government lands to private entrepreneurs to develop real estate projects, an official said.
“We will rent the lands for projects on a build-operate-transfer (BOT) basis,” U Than Myint, Planning and Commerce minister for Yangon Region government, said.
The leasing project will be managed by the YCDC, he added.
The move is a sign that the government is softening its stance on state-owned lands and is willing to carry out transparent use of government lands, real estate industry insiders say.
“This public private cooperation will boost the industry in the long term,” U Thein Hla Nyo, a real estate agent, said.
The government last year put a cap on land prices and introduced tax on land transactions in a bid to curb the ballooning property market in Yangon.