Myanmar real estate news

Sule Square to receive completion certificate

Myanmar real estate news Shangri-La’s latest Yangon development Sule Square will receive its building completion certificate from Yangon City Development Committee this week, after paying a K2 billion fine for building extra floors.

“We have received the fine and so we have given the construction permit and will give the building completion certificate [BCC] this week,” said U Than Htay, department head of the Engineering Department (Building).

The BCC will allow the building to open for business, several months later than originally planned.

U Than Htay said the fine levied on Sule Square had been sizeable in order to deter other developers that might be tempted to build extra floors without permission. Shangri-La was fined for building two additional storeys on the Sule Square office tower. The developer included the extra floors in an altered design it submitted to YCDC after construction had begun, but the alteration was never formally approved. “That’s why we fixed [the fine at] K15,000 for each square foot [of unapproved floor space constructed,” he said, adding that this would be the metric for any future violations from developers. “That would amount to a big fine if it’s a large project. But even though we fine contractors some will still break the rules.”

Quoted from mmtimes.