Myanmar’s Ministry of Construction has announced plans for four mega-development projects across Yangon and Mandalay
MAY 29, 2018
The 4 Mega Projects are:
- New Mandalay Resort City – 3-phase development coveringÂ 9,893 acres.
- Dagone Seikken township development1,100 acres.
- KL and DUHDÂ US$110 millionindustrial zone construction partnership.Â Korean investment stakeÂ 60%, Myanmar stakeÂ 40%.
- Eco Green City -Â US$2 billionÂ project to be completed by 2023.
New Mandalay Resort CityÂ
TheÂ Ministry Of ConstructionÂ has shortlisted six companies, of which one will be selected as Master Developer for the largest of the four projects,Â the New Mandalay Resort City which will be developed in Pyin Oo Lwin.
Accoring to The Myanmar Times The New Mandalay Resort City, now in its initial phase, is being developed by the MOC subsidiary agency Department of Urban Housing and Development (DUHD) and funded by local and foreign investment.
This project, spanning 9,893 acres will be developed in three phases. Phase One will comprise an IT facility, convention centre, schools and a commercial zone that includes banks, and retail spaces, such as malls.
Phase Two will allocate several zones for developing industry and tourism sectors. While Phase Three will comprise housing options, a golf course as well as hotel and even agricultural zones.
Dagone Seikkan Township
In Yangon, a K250 billion Smart District has been chosen for development at Dagone Seikkan township, in partnership with local property developer Shwe Taung Company. The development will include commercial developments as well as housing options, schools, parks, and sports facilities. The 1,100-acre site is located 8 miles from the CBD and approximately an hours drive from the Hantharwaddy Airport in Bago, currently under construction.
Industrial zone in Nyaung Na Pin village
TheÂ Korean Land and Housing CorporationÂ (KL) and DUHD have partnered to construct a US$110 million industrial zone in Nyaung Na Pin village. The zone will enable greater investment from Korean companies inÂ heavy industry and labour-intensive sectors.
The project area is approximately 555-acres and will be a joint venture between Korea and Myanmar, where the stake will be split 60% to 40% respectively. Currently, under construction, the project’s expected completion will be 2023.
Eco Green CityÂ
Another project in Hlegu, called Eco Green City will also be a government partnership with theÂ Alliance StarÂ Group of Companies. The US$2 billion project is expected to take up to ten 10 years to complete, but once constructed, Phase One of the projectÂ will comprise low-cost housing, government administration offices and a retail precinct. And in Phase Two, an international standard hospital and school, hotel zone, and public recreational space.
Sources: The Irrawaddy, Myanmar Times