October 19, 2017

Looking further afield: Expo in Singapore aims to entice Myanmar expats

A construction site in the heart of Myanmar’s commercial capital of Yangon. Real estate developers in Myanmar are going to showcase their listings in Singapore next month. — Photo: Ye Myint
A construction site in the heart of Myanmar’s commercial capital of Yangon. Real estate developers in Myanmar are going to showcase their listings in Singapore next month. — Photo: Ye Myint

YANGON — A two-day property expo in Singapore in late October may provide a much-needed boost to Myanmar’s sluggish property market, according to iMyanmarHouse, the event’s main organiser.
‘Myanmar’s Biggest Property Expo’ will take place on October 24 and 25 and will be held at the Grand Park City Hall Hotel.
This will be the first time that Myanmar real estate has been showcased overseas. Myanmar real estate developers have high hopes of attracting potential buyers, as some 200,000 Myanmar citizens live and work in Singapore, said U Nay Min Thu, the managing director of the online property trading website on Tuesday.
“The event is solely targeting Myanmar citizens who are considering investing in Myanmar’s real estate sector, possibly because they are contemplating returning to their homeland,” the managing director told The Global New Light of Myanmar.
Despite being unable to sell property to foreigners due to the delay in passing the Condominium Law, the expo in Singapore will make it possible for Myanmar citizens to buy apartments and condos without needing to return to the country, he added.
According to iMyanmarhouse, Myanmar citizens living in Singapore have previously bought property as a result of attending expos organised by other countries, such as Malaysia, Thailand and Vietnam.
U Nay Min Thu said that Myanmar citizens may be enticed by the comparatively lower prices on offer in Myanmar.
“The price of units in great locations in Yangon will be relatively inexpensive as compared with their equivalent in Singapore,” he said.
The organiser confirmed that 10 real estate developers including iGreen, Golden City and Living Square have committed to participating in the exhibition, while talks are ongoing with other firms.
Property market watchers recently said that there are no signs that Myanmar’s sluggish real estate sector will rebound before the end of the year. The formerly inflated market will remain muted, exerting downward pressure on both sale and rentals.— GNLM

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