Corporate Law

Government issues Developer Licenses to construction Companies, Prospects Improve

Date: 11 April 2019; Type: Legal News; Source: Myanmar Times

Local businesses are now seeing a light at the end of the tunnel for the property and construction sectors, where demand has been low in recent years.

A total of 32 property developers and construction companies were issued with developer licenses from the government last week, three months after a building management committee was formed to facilitate the enforcement of the 2016 Condominium Law.

This comes after 20 licenses were issued a month after the committee was formed, said U Myo Myint, general secretary of the Myanmar Construction Entrepreneurs Association and a member of the building management committee.

The committee was formed to help clarify areas in the Condominium Law that are still vague on issues related to foreign property ownership. Among its duties are to act as a liaison between the government and foreign investors in the property sector.

For example, if foreigners purchase a condo, they will have to transfer the payment via banks in their country of origin into a bank account in Myanmar, the law says. Negotiations between the Central Bank of Myanmar (CBM) and the collectively-owned building management committee will be held to facilitate the payment for foreigners.

Meanwhile, those who build collateralised buildings will have to open an official local bank account and deposit a minimum amount of capital to show they have funds in the country.

Currently, the Myanmar Banks Association and CBM are also discussing terms involving installment payment for property purchases made by foreigners, said U Myo Myint.

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