Yangon – A Hong Kong-based company and a local company will invest about US$ 300 million on a military land near the Shwe Dagon Pagoda and U Htaung Bo Circle. The investment will consist of apartments, hotels, and office buildings.
On a 22-acre military land next to the Maha Wizaya Pagoda near the Shwe Dagon Pagoda, Marga Landmark Company—a joint venture by Hong Kong, Korean, and British investors—and local Thu Kha Yadanar Company will cooperate together in building residential apartments, office towers, and a five-star hotel, according to Marga’s senior executive director Edgar Kwan.
“We will invest about US$ 300 million in total. The project will take about five years,” said Mr. Kwan.
Marga Landmark will own 70% of the venture, and Thu Kha Yadanar 30%.
In April 2013, news came out that local and foreign companies submitted tenders to develop projects on that military land and the Defense Services Museum. The call for tender divided the land in three.
At the press conference on June 3rd, when asked about the agreement it has with the government in developing the military land, the developer did not provide a clear answer.
“We will operate under the laws laid down by the Myanmar Investment Commission (MIC),” said Mr. Kwan.