Local companies have invested over 713 billion Kyats in the construction sector, mainly in apartment blocks in Yangon, according to officials.

An announcement by the Directorate of Investment and Company Administration on July 31, details the investments made by Myanmar companies, which is topping the current foreign investment going into the real estate market.

“Lately apartment buildings, office apartments and hotels have been constructed, mostly by local investors. We are inspecting the quality of buildings including hotels, office apartments and condominiums jointly with shopping mall and apartments,” said Than Myint, Chairman of the Committee for Quality Control of High-rise Building Projects.