Win Khaing, Myanmar minister for construction, is inviting investors from other Asia-Pacific countries to back urban and housing development projects through private-public partnerships.
He made the announncement at the ministerial conference on Asia-Pacific Housing and Urban Development in New Delhi.
As of November, accumulated foreign investment in the real-estate sector has exceeded US$3.1 billion, which accounted for 4.6 per cent of total foreign investment, he said.
The minister said the government would create 1 million units in its five-year tenure but it needed capital investment and assistance with urban and housing development projects.
Private developers could meet high-cost housing demand, he said, but the market for low-cost and affordable housing could not be met without government backing.
Yangon is projected to become a megacity of over 10 million people in the next 15 to 20 years, presenting the ministry with its greatest challenge.
Yangon’s population reached around 1 million in 1960, 2 million in 1970, 3 million in 1990, 4 million in 2000 and 5.14 million in 2014, according to the Yangon City Development Committee.
Source: Myanmar Eleven
