Published on March 10, 2014
February 24 – 28 | 2014 INVESTMENT Thilawa SEZ Share Sales, Land Leases Set For April Source: Myanmar Times Two million shares of the Myanmar Thilawa Special Economic Zone Holdings Public Ltd will help to raise the necessary funds to begin build the first phase of the project, while additional funds will be picked up through the issuance of early leasing contracts. “We are going to work with the minimum amount of initial capital possible, that is, the proceeds of 2.14 million shares valued at more than $21 million,” said UMFCCI and Myanmar Thilawa SEZ Holdings chair U W in Aung, adding that more shares may be issued in the future to cover costs if needed. “Our aim is to reinvest the money into development,” he said. With regards to property leasing, he would not state what land in the SEZ would cost though U Win Aung reassured that “the price would be much cheaper than in other local industrial zones”, adding that his firm has already received several letters of intent from companies in the garment, food processing and manufacturing sectors. According to the current SEZ law, lease agreements can be signed for up to 70 years. The 2,400-hectare zone, which broke ground in November, is about 25 kilometers south of Yangon along the Yangon River in Thanlyin and Kyauktan townships. The zone is being developed by a Japanese consortium as a 39pc shareholder with participation from Mitsubishi, Marubeni and Sumitomo corporations, and locally run Myanmar Thilawa SEZ Holdings (MTSH), who have 41pc of the shares. An additional 10pc of the project belongs to the Thilawa SEZ management committee, while the remaining shares belong to the Japan International Cooperation Agency (JICA). Japan will provide ¥20 million (US$3.28 billion) for the related infrastructure, electrical systems, ports and transportation. Economist U Hla Maung said that because the standing investment offer only pertains to construction, as opposed to manufacturing products for retail, it would be difficult to predict potential yields as some potential investors may consider spending elsewhere. “Myanmar investors in local public companies don’t receive much in dividends even now,” he said. C.I.M Property Consultants Co., Ltd.
Singapore Tops List Of Foreign Investors In Myanmar Source: Eleven Media Singaporean companies have been expanding their investments in Myanmar sectors such as energy, construction, hotels and tourism, agriculture and the industrial sector, making it the largest foreign investor in the country, according to the Directorate of Investment and Company Administration (DICA). DICA‘s statistics for last month show that overall foreign investment reached more than US$ 1 billion with Singapore as the top investor, followed by Hong Kong, South Korea and Japan. Those countries invested most in the garment, manufacturing and beverage distribution sectors, as well as communication. The Myanmar Investment Commission allowed a total of 13 foreign investments last month. Of those, three companies are from Singapore and Hong Kong, two from South Korea and Japan and the rest from China, Thailand and the United Kingdom. Most foreign investment is in the energy sector, which accounts for 42.5 percent of all foreign investment. Meanwhile, in the hotel and tourism industries of Myanmar, 14 Singaporean hotel companies have invested US$ 880.4 million, followed by 10 Thai companies at US$ 235.7 million, six Japanese companies at US$ 183 million, and four Hong Kong companies at US$ 150 million. As well, two Malaysian companies invested US$ 20 million and one Vietnamese company US$ 440 million, one British company US$ 3.4 million, and one United Arab Emirates company US$ 4 million, according to the Ministry of Hotel and Tourism. The ministry gave the green light to 39 foreign investors to work in Myanmar‘s hotel and tourism sector last year. Those companies invested US$ 1.9 billion in 2013, said a ministry official. RESIDENTIAL Real Estate & Property Gov't Urged To Control Soaring Housing Prices Source: Eleven Myanmar The government must build more low-cost housing to stabilize the soaring price of real estate, according to a real estate association. Khin Maung Than from the Myanmar Real Estates Service Association said in a meeting on Monday that if the government must build more and cannot control the price of housing by imposing more tax. "The soaring price of real estate can‘t be controlled right now. Now they are controlling the prices with tax. If the prices are still high, we can control them with ownership. If the property owners don't change the ownership‘s name within the specific time, they will be paid a fine. If we control it with laws, they can‘t obey them," said Khin Maung Than. The government is currently building the Yadanar and Ayeyarwon affordable housing project which they aim to finish by 2015. The market price of the apartment is over Ks 20 million. Apartments from Shwe Lin Ban and Kyan Sit Min low-cost housings in Hlaing Tharyar Township are expected to sell soon and the apartment is worth of around K 12 million, sources say. Bomu Ba Htoo affordable housing in North Dagon Township is being sold through an instalment system and selling prices range between Ks 23.7 million and Ks 32.9 million, sources say. The public criticized the soaring prices of housing making it very difficult for lower income families to own a home. C.I.M Property Consultants Co., Ltd.
HOTEL & TOURISM Construction Halts On Old Bagan Hotel By Nyan Lin Aung The government has ordered the owners of a hotel in Old Bagan to halt the unapproved construction of a planned annex, authorities said. U Naing Win, director of the Ministry of Culture’s department of archaeology, said that the Aye Yar River View Resort Hotel started building the annex before receiving planning permission for the local authorities. “We have ordered the hotel to cease construction. If they continue, we will take legal action,” he said. The hotel did not respond to a request from The Myanmar Times for comment. The Mandalay City Development Committee (MCDC) said the matter was being handled at the regional level. The Ministry of Culture issues permits for new construction in the Bagan historic zone only after a review determining whether it would infringe on any of the historic structures in the area. “If we can approve proposals we do, and if we cannot, we don’t, but the Aye Yar hotel started building before any permit was issued, so we had to stop it,” said U Naing Win. Myanmar Planning Six More International Airports Source: Myanmar Update News Myanmar is planning six international airports in southernmost and northern corners of the country, according to the local newspaper Messenger report. The Civil Aviation Directorate said it would upgrade three airports each in the corners to the international airport. The government agency will tap support of Japanese International Cooperation Agency to upgrade the airports. An official from the directorate predicted the increased incoming number of tourists as the country develops gradually. Myitkyina, Putao and Bhamo airports in the northernmost part of Myanmar and Myeik, Kawthoung and Dawei airports will become international airports in the future, according to the report. Myanmar currently has three international airports in Yangon, Mandalay and Nay Pyi Taw. Restoration Work Starts at Mandalay Monastery Source : The Myanmar Times Foreign experts and historians from the Ministry of Culture are working together to restore the historic Shwenandaw Monastery. Known colloquially as Shwe Kyaung Gyi, it is one of the last surviving buildings from Mandalay Palace and the Myanmar monarchy. Funding for the operation, which began this month, comes from the United States Ambassador’s Fund for the Cultural Preservation Project (AFCP). “We have [provided] US$500,000 for restoration works to preserve the original structure of Shwe Kyaung Gyi,” US ambassador Derek Mitchell said on February 14 at a ceremony to launch the project. He said the work would take around two years to complete. “This is an historic collaboration between the United States and Myanmar,” said Jeef Aleen, director of the World Heritage Fund. The project was announced in July when U Than Swe, the deputy minister for culture, and Mr Mitchell met experts and historians at Mandalay National Theatre and visited the monastery. According to historical records, King Thibaw moved Shwe Kyaung Gyi outside Mandalay Palace in 1883, saving it from the destruction that befell the rest of the palace during World War II. Its structure differs from that of other traditional monasteries and featured 150 major wooden pillars, 54 decorative carved wooden pillars and five brick staircases. C.I.M Property Consultants Co., Ltd.
Government To Increase Number Of Hotel Licenses Source: Thura Swiss The supply of hotel rooms in Yangon will approximately double in the coming years, said a regional government minister. At the moment, Yangon city has 190 licensed hotels offering a bit more than 9,000 rooms. However, the number of licensed hotels will increase to 250 corresponding to more than 20,000 rooms, said U Soe Min, Yangon Region Minister for Hotels and Tourism. The development of hotels in Myanmar is crucial as the current demand for rooms outmatches the supply, resulting in high room prices. In addition, the demand for rooms will not soon decrease as the country is opening up and Myanmar as the chairman of ASEAN will host a series of international meetings in 2014. The development of the tourism sector should help to raise GDP and will benefit local business-men as many of them have opened or are going to open hotels especially to target officials coming for ASEAN meetings in 2014. RETAIL Myanmar Real Estate: High Property Prices Make It Difficult For Convenience Stores To Be 'Convenient' Source: Ibtimes Sophie Song The high real estate prices in Yangon, the commercial center of Myanmar, have made it harder for many foreign businesses to enter the Burmese market, yet it may be domestic entrepreneurs – like convenience store owners - who are more severely punished by the skyrocketing prices.The convenience store sector in Myanmar has been in existence for only two years, after the civilian government took control of the Southeast Asian nation. The stores are concentrated in Yangon commercial areas such as Kyauktada, Latha and Pabedan, the Irrawaddy reported Wednesday. The three biggest domestic convenience store operators in Yangon -- Myanmar Indo Best (which has 50 outlets), City Mart (with about 30 outlets) and Capital Hypermart -- have found it difficult to sustain their businesses, which are usually in densely populated areas with a lot of foot traffic, in the face of escalating real estate prices. “It’s still hard to look for better locations in crowded areas, because we need to open on ground floors, so rent prices are too expensive downtown,” said W in W in Tint, according to the Irrawaddy. “That’s why it has become a major issue for us to open more.” . Rents for a 1,200-square-foot ground-floor property in Kyauktada can cost 3 to 5 million kyats a month, according to a local real estate agent. With annual rent totaling upward of $60,000, it is no wonder that City Express stores have yet to make a profit.An added pressure for these domestic chains is the possibility that many foreign convenience store operators, like 7-Eleven, may be looking to enter the Burmese market, the Irrawaddy reported. “I can say that convenience stores will be a successful retail format in the future, so we need to prepare for foreign investment in this business now,” Win Win Tint said. GENERAL PROPERTY Tatmadaw Not Responsible For Administering Returned Land: MP Source: Soe Than Lin Published in Myanmar The Tatmadaw is not responsible for administering the return of seized land to its original owners, says a military appointee to the Pyithu Hluttaw. Lieutenant-Colonel Saw Shwe, who is also a member of the governments' Farmland Investigation Commission, said it was the responsibility of the Ministry of Home Affairs to oversee the return of seized lands to private owners, especially in cases involving litigation against the government. C.I.M Property Consultants Co., Ltd.
"When the land was first seized, it was done on the order of the home ministry," Lt-Col Saw Shwe told Mizzima on February 20. "[The Tatmadaw] has returned land to the Ministry of Home Affairs according to the rules and regulations ... so whether the land is returned to its original owner is now the responsibility of the ministry,” he said. His comments follow a report submitted to parliament this week by the Farmland Investigation Commission which urged the government to quickly resolve land grab cases in which it faced legal action from the original owners. "The performance of the home affairs ministry and all levels of administrative institutions is very weak," Lt-Col Saw Shwe said. "They should be able to say transparently where, when and to whom the seized land was returned," he said. Lt-Col Saw Shwe added that cases in which land had been seized by the Ministry of Agriculture and Irrigation, Ministry of Construction or township municipal committees should be settled quickly “to resolve current tensions”. Colliers International | Accelerating success. | www.colliers.com Unit 7/C (6th Floor), White Cloud Condominium (Right Entrance), No. (138/142) Thein Phyu Road, Botahtaung Township | Yangon | Myanmar. Theint Theint Twin (Yati) Senior Assistant Mobile +95 (0) 95026722 Theint.Twin @colliers.com Karlo Pobre Manager Research Mobile +95 (0) 931336099 Karlo.Pobre @colliers.com Antony Picon Managing Director Main +95 (0) 9421034026 Antony.Picon@colliers.com Likes us on Facebook: Colliers International Myanmar Follow us on Twitter: @ColliersMyanmar This document has been prepared by Colliers International for general information only. Colliers International does not guarantee warrant or represent that the information contained in this document is correct. Any interested party should undertake their own enquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damage arising directly or indirectly there-from. C.I.M Property Consultants Co., Ltd.
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