A public company is planning to build a large complex including a racetrack, car showroom and guest house on the outskirts of Yangon, according to Myanmar Automobile Manufacturers and Distributors Association chair U Soe Htun.
The complex will be built by the Myanmar Automobile Development Public Company, which has already raised K5 billion (US$4.95 million) of the estimated K20 million it needs to fund the project, he said.
“The automobile complex will not just sell cars. It will attract people to come see the sports car races,” said U Soe Htun. “After we finish the track it will be a place sports cars can race without disturbing the public.”
“This complex will be first of its kind in Myanmar and a feature of Yangon,” he added.
The complex is planned for about 200 acres in Mingalardon and Hlegu townships. The plot of land alone costs about K3 billion, which will be mortgaged. The project will include an automobile showroom, spare parts stores, car decorating services, a restaurant and guesthouse along with the race track, which will be about 10 acres.
As a public company, the firm intends to raise additional capital through selling shares. Each share costs K10,000 and will be open to all Myanmar citizens, with eventually intentions to list on the planned stock exchange should it come to fruition.
Myanmar Automobile Development Public Company is already in talks with various transportation associations and sports car teams about participation in the venture. The firm has also begun the process of applying for the appropriate licences, he said.
“We have already presented the first draft of the plan,” he said. “We will call an international tender for foreign investment.
Source: MYANMAR TIMES