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In addition, Singaporean firms have been ranked among the top investors in the real estate sector of the Republic of the Union of Myanmar. According to the Myanmar Investment Commission, the investment by Singaporean firms made up more than 55% of foreign direct investment (FDI) in the real estate sector.
The Director-General of the Directorate of Investment and Company Administration (DICA) placed investment from Singapore in the Myanmar real estate sector at about $519.29 million, which is equivalent to 55.14% of the total FDI in the industry. He added that DICA had, so far, approved eight businesses from Singapore.
Why are Singaporeans topping the list of investors in Myanmar’s real estate industry? Due to Western sanctions, foreign firms have resorted to using Singapore as a channel through which they inject capital into Myanmar. One Myanmar media personality well-acquainted with real estate matters indicated that US firms establish Singapore subsidies or shell companies through which they pursue investment opportunities in Myanmar.
According to the media company boss, since the beginning of 2016 there has been an increase of investment in real estate by firms from Japan and Vietnam, as well as several Western countries. This, therefore, may undermine the accuracy of the statement that Singaporean investment is still the leader in the industry. He further explains that investment from Thailand is also likely to increase in the coming years as a result of dwindling property prices and the political unrest. As a result, , the investors may see the Myanmar real estate industry as a potential alternative target for capital investment.
Chinese investors rank second after the Singaporeans in the Myanmar real estate industry, with twelve firms involved. The Chinese invested a total capital of $184.899 million, which makes up approximately 19.71 % of the total investment. Thailand holds third place with an investment of up to $82.992 million, hence accounting for 8.83%.
According to DICA statistics, FDI in Myanmar’s real estate sector was placed a zero for the financial years 2005-2006 and 2012-2013. However, the industry picked up in 2013-2014, with total investment amounting to $1.95 billion.
May 28, 2018