Exorbitant property prices, highlighted as one of the biggest business barriers in Myanmar, are expected to be brought down to a level competitive with that of neighbouring countries by 2018.
As more office space is in focus, more land would be allocated to private construction projects.
"If the supply of commercial space increases, prices will fall. We are now observing how much land to be allocated for office and commercial development and how much for residential development," she said.
According to Colliers International Myanmar, total office stock in Yangon - the biggest commercial city - was 107,000 square metres at the end of last year. It predicts annual average new supply of 70,000 sq m from 2015 to 2018. Citywide office rents rose 6 per cent from 2013 to US$69.17 (Bt2,500) per square metre per month, but buildings in the inner city zones enjoyed a 23-per-cent increase.
At that rate, it is over six fold above S$11.93 (Bt300) per square foot (1.1 sq m) - the average monthly gross rent for premium office space in the Raffles Place/New Downtown micro-market in Singapore.