YANGON—Three companies, including Shwe Popa International Construction Co Ltd, a subsidiary of Shwe Than Lwin Co, submitted tender bids for Yangon New City Project.
An opening ceremony for the preliminary tender for the project was held at the Yangon Region Government Committee Office on September 22 under the supervision of the Yangon Region Minister for Forests and Energy.
Shwe Than Lwin Co is closely affiliated with President Thein Sein. Local investors were invited to bid for Yangon New City Project on July 12. Over 50 companies initially expressed interest in the tender.The other two companies to submit bids are Yangon South West Development and Business Capital City Development Ltd. Yangon South West Development also reported it they would implement the project with an investment of US$ 15 billion.
Business Capital City Development Ltd said it would invest in the using loans from home and abroad, offering shares and welcoming additional investments.Shwe Popa International Construction Co Ltd intends to invest Ks 500 billion in the project and will also take out loans from local and international banks.
Yangon South West Development also plans to build five river-crossing bridges, low-cost housing projects, homes for the elderly, highway bus terminals, a library, museums, an airport as well as a Buddhist university and a Buddhist museum if it wins the tender for the project The other two companies also announced their plans.
Dr Nyo Nyo Thin, the MP for No 2 Constituency in Bahan Township, and MP Kyi Kyi Mae from No 1 Constituency of Kyitmyindaing Township also attended the ceremony.
“Business Capital City Development Ltd said it will accept investments by directors. However, they didn’t say who will comprise the Board of Directors or what form it will take. It was very general. They didn’t offer detailed information. The project needs greater transparency. The government must form a separate group of experts, including internationals, in implementation of the Yangon New City Project. The government has released very little information about this project. They must inform the public about whether the investments are legal and how many properties are owned by the three companies,” said Dr Nyo Nyo Thin.
A tender securitising team will investigate investments to make sure they are legal, said Kyaw Soe, the Yangon Region Minister of Forests and Energy.
“We are satisfied by the companies’ reports. But want to discuss the details before the implementation of the regional development projects, which will create more job opportunities for locals,” said Tin Sein, a resident of War Yone Seik village, who attended the ceremony.
The places in western part of Yangon, between the Panhlaing River and Twante Canal and between the Hlaing River and Hlaingthayar-Twante Motorway have already been set aside for the project.
Moreover, the Yangon New City Project will include land plots on the opposite side of Kyitmyindaing Township and Twante Township.
The project has received much criticism, particularly over its lack of transparency and the fear of landgrabbing.