Malaysia-based Frontier Digital Ventures-backed iMyanmarHouse.com, a classified property website, is in the process of advanced discussions for sales partnerships with foreign real estate companies from Singapore, Thailand, Malaysia and China, according to founder Nay Min Thu.
The property listings portal kicked off the process with inking a collaboration agreement earlier this month with Bangkok-based Angel Real Estate Company to cross-promote real estate projects in both countries.
“We plan to introduce the sales and marketing of possible real estate projects in Myanmar by collaborating with foreign real estate companies. We are also open to new partnerships,” said Thu.
Thu’s market expansion strategies come after the country saw the passing of the long anticipated new rules which allow foreigners to purchase and own up to 40 per cent of the units in a condominium block.
iMyanmarHouse.com, is working as the exclusive sales and marketing partner of Angle Real Estate for the Myanmar market and recently held a sales event in Yangon for the Plum 89 Condo Project near Don Mueang Airport in Bangkok whose construction is fully completed.
The condo units are priced at about K200,000 (about $150) per square feet, said Thu. To date, it has facilitated sales of 20 apartment units in the project.
iMyanmarHouse has aligned to the country’s property purchase behaviour and is actively pursuing an online-to-offline model, which allows buyers to search and research online followed by exhibitions.
Since entry, iMyanmarHouse.com has conducted sales for 30 property development projects in Myanmar in cities like Yangon, Mandalay, Taunggyi, Pathein, Nay Pyi Taw. It has facilitated property transactions worth $190 million in the last 18 months.
In Myanmar, FDV has also invested in CarsDB.com, a classified platform in the automotive space. – Deal Street Asia