Is the only way up?

Mar 25, 2013 | Comments 0

The announcement earlier this month that Hilton plans to launch its first property in Myanmar is a signal of the pace at which the capital Yangon has changed over the last couple of years. The Hilton Yangon, slated for completion in 2014, is the latest hotel brand to enter the city, which, since the rapid rise in interest, has fallen victim to a testing lack of supply through all sectors of the property market.

Yangon has experienced little construction activity since the days of colonial rule, preserving the capital in very much the same state in which the British left it. While this offers visitors a charming insight into old world Asia, it's also left the flocking tourists with limited accommodation options, resulting in eye-watering rates which significantly surpass those found in neighboring capitals.

The danger is, however, that the construction catch-up game being played by both developers and investors will lead to the loss of Yangon's revered facade, as faded colonial buildings make way for high-rise buildings thrown up to cater to the soaring demand.

Staring out of the office window at Bangkok's ever-evolving skyline and crammed streets is a stark reminder of how a construction boom can not only have a negative affect on image, but also play havoc with city planning. On the other hand, Cambodian capital Phnom Penh has, to a degree, maintained its colonial charm due to laws restricting the construction of buildings higher than the royal palace.

Although this legislation is no longer in place, the city remains somewhat absent of the high-rises that scrape the skies of other Southeast Asian capital cities.

The trick for Yangon will be to find the correct balance between development and heritage – a task faced by many an emerging city. In order to achieve this and hold on to its main draw, construction laws will need to be put in place fast and required renovations will need to be undertaken in the correct manner.

For the sake of those who are yet to visit Yangon and those who fell in love with it for its colonial charm, let's hope that one of the region's greatest urban time capsules doesn't vanish in a sea of culture-free concrete and faceless architecture.

Filed Under: Editor's view

Tags: Burma • hilton • Myanmar • myanmar property • myanmar real estate • rangoon • Yangon

Article source: http://www.thethailandlinks.com/2013/03/26/is-the-only-way-up/