The government can control the rising demand in the real estate sector by building more housing projects, a realtor said.
“Once there is a market for housing projects, there will be market rivalry and the prices will come down,” said Jeffery Lu, managing director of Golden City, a joint venture real estate development between Singapore-based Uni Global Power (UGP) and local conglomerate Jewellery Luck Group.
“In the long-term, we will try to stabilise prices with support from the government,” he added.
Golden City is currently building an $80-million housing project in Myanmar’s commercial hub Yangon. The 8.4 acre (365,900 square feet) project area comprises nine residential buildings with 1,400 apartments, one hotel, a hospital and a mall.
The company expects to finish the project in early 2018, Lu said.
Defending the project, which is being built on a military-owned land, Lu said, “We are just following the procedure. There are no tricks behind and we are building according to the agreement. We have official Myanmar Investment Commission (MIC) licence.”
Currently, the Ministry of Defence rents the area for 50 to 70 years according to the Foreign Investment Law, however, the company declined to provide detail information of rental fees.
Lu said Golden City aims to implement further housing projects in the country and is willing to cooperate with the private sector for the long-term.
