DEVELOPERS have faced K5 to K6 billion losses following the regional government’s suspension of high-rise buildings in Yangon, according to a press conference yesterday.
Developers held the press conference on the Yangon Region’s government’s high-rise review that resulted in the termination of permits for 12 high-rise projects that had received construction permits and 185 buildings that had met policy requirements.
We were granted permission to build as our projects complied with the rules of departments concerned previously, said developer U Myo Myint.
It took two or three years to pass the policy and a 12-and half-storey development requires ground inspections before construction kicks off, added the developer, stating that there are six steps to pass the scrutinising process while a building is under construction.
The Yangon region government formed a high-rise inspection committee on 17 June after ordering a temporary suspension of 185 high-rise projects across the city for review on 14 May. The Yangon City Development Committee has finished drafting the new policy for the construction of buildings and has a plan to make the new policy public, according to YCDC.
An instruction to cut the number of floors on 12-floor buildings among high-rise projects was released in the second week of this month. Last month the YCDC suspended applications for the construction of high-rise buildings but has accepted applications for low-rise buildings this month. Currently, 141 high-rise buildings have been suspended pending checks.