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H2 2018 Yangon Real Estate Review

  • ID: 4755933
  • Report
  • February 2019
  • 250 Pages
  • FMR Research
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This report is based on research carried out in Yangon since 2014, as well as the longer-term market understanding of our staff. In addition to conducting interviews with developers, contractors, brokers, government and local authority officials, as well as other relevant businesses and organisations, numerous site visits to the projects mentioned in this report were conducted.

The report is aimed at a wide range of readers, including developers, investors, funds and consultants, as well as construction companies, architects and building materials suppliers seeking to do business in the sector.

The review is updated semi-annually. The H1 2019 issue will be published in July 2019 with updated information.

Researched by a team through hundreds of site visits and interviews, the report contains more than 250 pages of information and is an essential resource for developers, contractors, consultants, lenders, materials suppliers and other companies.

Fully updated as of January 2019, it contains three main sections:

  1. Project profiles: More than 80 detailed profiles of in-planning or under-construction projects, with information on developer, status, location, funding, pricing, sales take-up, contractors and consultants, completion dates, background and more
  2. Market review: Analysis of the Yangon real estate sector, with key news across different segments, district-by-district mapping and profiling, legislation, analysis of the residential, commercial, retail and hospitality markets, supply forecasts, data and more
  3. Company profiles: More than 70 profiles of developers and contractors involved in Yangon real estate, as well as local authorities and state bodies relevant to the sector
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Section A: Myanmar and Yangon

  • Introduction
  • Development, Population, Economic Growth and FDI
  • Legal and Investment Framework
  • Government Offices and Regulatory Bodies
  • Key Laws and Acts in Real Estate
  • Myanmar Investment Law and FDI
  • Condominium Law
  • Special Economic Zone Law
  • Upcoming Laws in 2019
  • Imports and Construction Materials
  • Real Estate Service Law
  • Types of Property and Ownership
  • Real Estate Transactions & Financing
  • Build-Operate-Transfer Agreements
  • Sales Transactions
  • Real Estate Financing and Off-plan sales
  • Banking and the Real Estate Market
  • Yangon
  • Geography and Layout
  • Planning and Zoning
  • Demographics
  • Utilities and Infrastructure
  • Transport

Section B: Township profiles

  • Ahlone Township
  • Bahan Township
  • Dagon Township
  • Downtown CBD
  • Hlaing Township
  • Hlaingtharyar and Insein townships
  • Kamayut Township
  • Mayangone Township
  • Mingaladon
  • Mingalar Taung Nyunt Township
  • New Dagon Townships
  • North and South Okkalarpa Townships
  • San Chaung Township
  • Tamwe and Thingangyun Township
  • Thaketa and Thanlyin Townships
  • Yankin Township

Section C: New Developments

  • Companies & Projects
  • Building Materials
  • Commercial & Industrial
  • Government & Local Authorities
  • Legislation
  • Residential
  • Hospitality
  • Retail
  • Heritage
  • Transport and Infrastructure
  • Investments
  • Yangon New City Development

Section D: Market Analysis

  • Residential Market Analysis
  • Residential Stock
  • High-end Residential Stock
  • Recent Supply Trends
  • The High-Rise Freeze of 2016
  • Residential Pricing
  • Government Appraised Values
  • Sales, Demand Drivers, and Future Supply
  • Demand Drivers
  • Future Supply
  • Affordable Housing Projects
  • Serviced Apartments
  • Residential Outlook
  • Office Market Analysis
  • Background and Recent Trends
  • Pricing
  • Office Stock and Supply
  • Shifting Centres
  • Occupancy
  • Future Supply
  • Serviced Office Market Analysis
  • Conventional and Serviced Office Outlook
  • Retail Market Analysis
  • Background and New Developments
  • High-end Retail Supply
  • Pricing
  • Occupancy and Tenant Breakdown
  • New Brand Entrants
  • Future Supply
  • Retail Outlook
  • Hospitality Market Analysis
  • Background and General Trends
  • High-End Supply
  • Hospitality Outlook
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Off-plan residential sales showed signs of greater activity in H2 2018 at most developments, and several new projects were launched. However, there are wide variations in take-up across projects Some particularly compelling offerings saw significant sales, such as Golden City Phase 1. Several developers halted or cancelled their projects, such as those behind Min Residences or the Illustra at Pho Sein, while progress remains slow at Union City or Pyay Tower and Residences. Developers continue to organise regular sales exhibitions and promotions, with discounted pricing.

While sales still remain modest, a significant residential pipeline is evident. In the Grade A market, we have now reduced our forecasts from H1 2018 and expect 7,500 new units to come online by the end of 2019, with nearly half scheduled for H1 2019, although further delays are likely.

No significant launches occurred in the retail or office market in H2 2018, with the exception of some small-scale stock in the Kantharyar Centre, which was completed in early 2019. We still expect more high-end office units to come online in the next few years, with further downward pressure on leasing rates, which appear to be relatively flat at present. Times City will represent a large addition to Grade A retail stock when it opens in H1 2019.

The Condominium Law finally came into force in H2 2018, after years of uncertainty and delay. Its impact is already being felt, with developers having started to register projects with local Condominium Management Committees. The new law may also open up a bigger spectrum of financing options for homebuyers. However other pieces of legislation, such as the Apartment Law and Real Estate Service Law, are still in a draft stage.

The hospitality sector is experiencing a challenging period, affected by low tourism arrivals and the wider business environment. Coupled with a number of high-end openings in H2 2018, this has created downward pressure on occupancy and sales. Nonetheless, interest in the hospitality market remains from overseas investors, with several new projects expected to bring a significant number of rooms onto the market in 2019 and 2020.

Overall, the Yangon real estate market appears to now be emerging from a challenging period, with progress on legislation and financing options likely to encourage more sales going forward, particularly in the mid-range market. We still expect to see more project cancellations and delays, however, as developers reassess the viability of projects that were originally planned several years ago and are no longer feasible in current conditions.

One indicator of the health of the market will be the interest shown by developers in the proposed Yangon New City, which is making concrete progress on planning as of early 2019.

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  • A1 Construction
  • Adventure Myanmar Tours and Incentives
  • Apple Tree Asia
  • Asia Express
  • Asia Myanmar Consortium Development
  • Asia World
  • Aspidin Construction and Trading
  • Aung Kaung Kyaw Group
  • Aung Myin Pyae one (AMPS) Construction
  • Ayeryar Hinthar Construction
  • Beaver Group
  • CITIC Construction
  • Capital Development (CDSG)
  • Chan Thar Shwe Myay
  • Creation Myanmar
  • Crown Advanced Construction
  • Dagon Construction
  • Department of Urban and Housing Development
  • Eden Construction
  • Ever Seiko (Living Square)
  • Excellent Fortune Development Group
  • First Myanmar Investment
  • Ga Mone Pwint
  • Golden Thitsar
  • Golden Yadanar Myaing Construction
  • Green Vision
  • Hoang Anh Gia Lai (HAGL)
  • Htoo Construction Development
  • Htun Myat Aung
  • IGE LandiGreen Construction
  • Inno International Development
  • Jewellery Luck
  • KHG Development
  • KMA Construction and Real Estate
  • KT Group
  • Kajima Overseas Asia
  • Kanbawza (KBZ) Group
  • Keppel Land
  • Korea Land and Housing
  • LP Holdings
  • Lat War Group
  • MKT Construction
  • Maha Nawarat Land
  • Mandalay Golden Wing Construction
  • Marga Global
  • Max Myanmar Construction
  • Ministry of Construction
  • Ministry of Hotels and Tourism
  • Motherland Construction
  • Mottama Holdings
  • Myanmar Seilone
  • Myanmar V-Pile
  • Myat Min
  • NSKRE Myanmar
  • Naing Group Capital National Infrastructure Holdings
  • New Yangon City Development
  • Noble Twin Dragons
  • Pyi Nyein Thu Construction
  • Real Home Construction
  • Rich Mandalay Group
  • Sae Paing Development
  • Shan Star New generation & supplies
  • Shangri-La Asia
  • Shine Construction
  • Shining Star Group
  • Shwe Gon Development Group
  • Shwe Taung Property
  • Shwe Than Lwin Construction
  • Soilbuild (Myanmar)
  • Sun Myat Tun
  • Surbana International Consultants (Myanmar)
  • Sustain Construction
  • Ta Gaung Bwar
  • Taw Win Family
  • Tetlann
  • Toener International
  • Uniteam Investment
  • Universal Construction
  • Wa Minn Properties Development
  • Yangon Metropolitan Development (YMD)
  • Yoma Strategic Holdings
  • Yuzana Group
  • Zaykabar
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