Win Aung, managing director of MGW Construction, has been granted permission to construct eight high-rise commercial buildings in main business areas in Yangon such as Mayangon, Yankin and Bahan townships, making him one of the most prolific businessmen in Myanmar this year.
MGW won permission to build the highest building in Yangon – Diamond Inya Palace Condominium – on U Tun Nyein Chan Street, Mayangon Township. The company is now selling apartments for around Ks 300,000 per square foot.
The company has also been granted permission to build the Diamond Parami Business Centre on Parami Road, in addition to Garden Kandawgyi Tower, a 27-story building, and another 21-story building on Po Sein Road.
Moreover, his company has been permitted to build the 22-story Yankin Condominium near Golden City on Sayasan Road. MGW will also build the Bahan Service Apartments near Ngar Htat Kyi Bayar in Bahan Township and Myakyunthar Arcade, a commercial building, on Kabaraye Pagoda Road.
MGW will build a high-rise hotel named MGW Intercontinental Hotel in Mandalay and a 350-room hotel which named MGW Indigo Resort on a 10-acre land plot near the famous Bu Pagoda in Bagan.
Previously, MGW constructed Yadanarpon Diamond Plaza and 78 Shopping Centre in Mandalay.
MGW was established with an initial investment of US$300 million, according to the Diamond Inya Palace website.
However, his company was not listed among the top tax-payers for the last two years, suggesting that MGW owes the government a significant amount of tax money.
In the latest tax-payers list, a company could be listed if it paid over Ks 10 million in taxes.
Win Aung has been under investigation by government officials for tax evasion.
He is a close friend of MP Aung Thaung from ruling Union Solidarity and Development Party (USDP), who was recently blacklisted by the United States, and he recently hosted a birthday party for the MP.
Source: ELEVEN MYANMAR