A condominium law was discussed in the Union Hluttaw on October 5 after being submitted by U Zawki Ahmad/U Aung Zaw Win of Maungtaw Constituency the previous day, as reported by the state run newspaper, New Light of Myanmar.
The law is intended to regulate the construction and management of the fast developing high-rise and condominium sector in Myanmar.
Industry sources have described the proposal as a significant step towards ensuring higher quality buildings in a sector that has already been growing for a decade.
U Ko Ko Lay, director of Three Friends Construction said the law would help build better condominiums in the industry.
"This has great potential to come out with real standards for condominiums in the industry so buyers can get what they pay for," he said.
The upcoming law will provide a definition of a condo, thereby easing disputes between condo builders and owners, said U Ko Ko Lay.
A spokesperson of a construction firm based in Mingalar Taung Nyunt, who asked not to be named, felt that the introduction of a law would have an industry wide impact on construction standards, while a developer based in downtown Yangon said that establishing a condominium law would create a more favourable climate for the industry.
"In my opinion, this proposed law will enforce construction of more quality condominiums and also set particular norms and standards," he said.
Condominium residents also welcome the proposed law, helping to protect them against unscrupulous developers.
"The introduction of a condo law will help restrict some developers from operating outside regulation," said U Sat Han Kyi, a condominium resident in Bahan township.
"It would provide a way to avoid condominiums opening without a Building Completion Certificate (BCC) as well," he said.
U Sat Han Kyi was keen to stress that while it was a welcome step, it was already long overdue as many issues currently plague the sector.
"We largely expected the introduction of a condo law at some point. Actually it should have come ten years ago," he said.
"Land ownership, parking problems, facilities and project delays can be solved by the law."
The law could also potentially benefit financing and ownership issues.
"As far as I know, if the condo law were to exist, we can hopefully get bank loans which would increase the demand for condominiums through instalment purchase that benefits both bankers and property owners," he said.
The developer from downtown echoed the sentiment for improved financial access due to the law.
"I personally hope that banks will be able to accept mortgages on condos with a stronger law to back it up," he said.
It would also provide more systematic procedures in buying and selling, and so benefit buyers, sellers and developers, he said.
"It can bring stronger guarantees for proper ownership and improve the climate for investors with strict discipline and regulations.
"All this could spark interest for condo buyers, pushing up the demand and price of those properties," he said.
The spokesperson from Mingalar Taung Nyunt construction firm was more bullish on the changes it would have on the market, saying that ownership of condos and apartments will make the sector stronger than before as owners could get bank loans for fixed assets that would help improve business opportunities.
"Apartment and condominium buyers would be able to get a stronger guarantee of ownership."
He predicted that the condominium law would also include provisions for foreigners to buy a condominium or apartment as well.
"I heard that the law could allow foreigners to purchase apartments but not land. This opportunity would surely attract further foreign direct investment in the industry," he said.
A change to foreign ownership could well give the industry an additional jump, but until details of the law are released, U Ko Ko Lay was keen to emphasise a degree of caution.
"The condo market will expand further if the law can figure out condo ownership by foreigners, as it is in other countries. But we have to wait and see what the law will exactly say on this."
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