Property gains traction

Myanmar’s growing economy is attracting global interest from the real estate world.

According to Asian Development Bank, Myanmar’s inflation is projected to be the highest in South East Asia over the next two years with a 9.5 percent increase this year and 8.5 percent in 2017.

The economic growth in Myanmar is creating opportunities for developers and coupled with new laws that allow eased foreign sanctions, there is also more interest from overseas investors.

Golden Glory Group Pte. is developing a mixed-use development called the Polo Club in Yangon as they note that the property market is “picking up speed”. Christopher Wu, chief executive officer of Singapore based Golden Glory comments, “The door has opened. More foreign companies are setting up offices”.

Seeing as an opportunity to capitalise on the economy, Golden Glory’s mixed use scheme will include residential units, serviced apartments, a 5-star hotel, commercial, retail plus an industrial park.

Myanmar is expected to see 8.6 percent in growth from overseas investors, the most growth in Asia, according to International Monetary Funds.