A nice walk around Kandawgyi Lake is recommended. Currently, they are renovating the wooden walkway around the lake, so watch your steps! Kandawgyi Lake can be translated to “great royal lake”, and the walk around is roughly 4.5 km and takes approximately 1 hour (given that you aren’t stopping and taking pictures).
The lake is one of two major lakes in Yangon; the other one is Inya Lake. The water from Inya Lake is channelled through a series of pipes to Kandawgyi lake and is thus actually an artificial lake created to provide a clean water supply to the city during the British colonial administration (Although I wouldn’t try and taste it today!).