Yangon’s outer suburbs are likely to become the preferred locations for high-rise residential projects because of high land prices and height restrictions near historic landmarks in the downtown and nearby areas, predicts a leading member of the construction industry.
Myanmar Construction Entrepreneurs’ Association chairman U Thar Htay said the areas where height restrictions applied were in the vicinity of the Shwedagon Pagoda, Yangon Zoological Garden and the Yangon Region Hluttaw.
Height restrictions in those areas would likely result in more rise-rise residential projects in such outer suburbs as North and South Okkalapa and Mingaladon townships, U Thar Htay told Mizzima on July 16.
He said the growth in the construction sector would lead to more high-rise buildings and they would help to control prices in the property sector.
U Thar Htay said Yangon had relatively few high-rise buildings and the increase in land prices since the change of government had been a major obstacle to domestic and foreign investment in the construction sector.