Located in the affluent Yankin Township of Yangon, Myanmar, demand for residential apartments at Golden City is riding on the growth of Myanmar’s economy. Despite prohibitive interest rates and reports of human rights violations threatening the stream of foreign direct investments, The Myanmar Times has identified the following growth drivers in the year ahead:
|"Our lease agreement with an MNC like Huawei validates the quality of our project. The win supports our strategy to complement short-term development profits with long-term recurring income."
-- Tan Thiam Hee
(NextInsight file photo)
The number of bank account holders has been on the rise, led by improvements in digital banking infrastructure enabling card payments, e-banking and more recently, mobile wallets.
Demand for shopping malls of 50,000 square meters and above are rising in demand (according to Colliers International Myanmar) after Myanmar's Ministry of Commerce authorized full foreign investments in the retail sector in May 2018.
Interest in condominium projects featuring retail options has also been on the rise.
Wholesalers and retailers from Japan, Thailand and South Korea that are actively seeking opportunities in Myanmar include Japanese retailer Aeon Co, which already runs a supermarket in South Okkalapa, Yangon under a local JV.
Interest from educational service providers in Singapore, Australia, and New Zealand have been on the rise after its education sector was liberalized in April 2018. Kaplan Myanmar University College, a subsidiary of US educational program provider Kaplan Inc, opened its campus in Yangon in June 2018.
Last year, 65 new garment factories were opened in Myanmar. The government projects annual growth of 35% for this sector.
- Oil & Gas
Around 20 oil majors including PTTEP, ENI, Daewoo and Woodside will commence seismic surveys and exploratory drilling in more than 20 onshore and offshore blocks in the fiscal year 2019.