Business leaders discuss property sector opportunities

At a property seminar hosted by Colliers International Myanmar in collaboration with Mottama Development Group Co last week, experts agreed that the Yangon property market is showing signs of “robust growth” in the short to medium term. “Despite challenges in the market currently, there are more opportunities present if we look at the right sectors and the right segments,” said Mr. Paul Ryan Cuevas, Senior Research Analyst of Colliers.

Held at Moattama’s Property Gallery at Maha Land Center, the seminar saw property developers, investors and legal consultants convene to discuss the current state of the country’s real estate industry and its prospects.

Mr Paul Ryan covered five sectors of Yangon’s real estate landscape during his presentation, specifically office, retail, serviced apartment, upper-scale hotel, and condominiums.

Of these, Colliers sees opportunities for developers to look into Grade A and B office segments, shopping malls with food and beverage and entertainment components and international quality serviced apartments.

In the condominium sector, Colliers sees more demand for and recommends focusing on more affordable units priced between US$30,000 to $150,000 each.

During the panel discussion that followed, representatives from Mottama Development Group and Colliers discussed the role of property management in enhancing the reputation and value of the industry.

The panelists include Mr. Jeffrey Yeap, Commercial Director of Mottama Development Group and two representatives from Colliers namely Mr. Ariel Vitor, Head of Property Management and Mr. Joshua De Las Alas, Senior Advisory Manager.

In Yangon, property management services at residential buildings like condominiums are still uncommon. “As the condominium market is still relatively nascent, Yangon simply has not experienced how a properly managed and well-maintained residential building can also maintain its value in the long run,” Ko Phone Myint Thu, an analyst at Colliers, told The Myanmar Times.

Source: Myanmar Times

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