After undergoing government-mandated inspections condominium construction projects in Yangon will be allowed to resume, according to the Collective Ownership Buildings Management Committee.
Committee member U Myo Myint said: “Inspections for construction sites should be completed soon. Currently, inspection teams are examining contracts and tax payments, as well as land ownership details.”
Land ownership of condos that have been registered under the Condominium Law shall be transferred into the Collective Ownership from the sole ownership. The committee is coordinating with the Central Bank, Office of the Union Attorney General, Internal Revenue Department, and the Office of Registrations of Deeds for matters related to registrations under the Condo Rules.
Foreigners shall have the right to buy when the registered condo units are available on the property market. According to the Condominium Law, foreigners are able to purchase a maximum of 40 percent of a whole condo project and no more than 25pc of the units in a condominium.
Foreigners can buy the Condo units only through the official inward remittance process. No one nationality is favored in terms of making purchases. A total of 15,000 ongoing condo units are scheduled for completion in the Yangon Region soon. If just 6,000 of these units are sold to foreigners, the country will benefit from the influx of revenue, said U Shein Win, chair of the Myanmar Construction Entrepreneurs Association.
The construction industry has temporarily halted work because of the COVID-19 restrictions. Projects scheduled to finish in 2021 have been delayed, and are expected to be completed the following year. – Translated
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Source: Myanmar Times
