Commercial buildings to be constructed on military-owned land

Myanmar information search service

Myanmar and Singapore companies are planning to construct commercial buildings on land owned by the Ministry of Defence in Yangon Region.

Myanmar Investment Commission (MIC) granted permission on October 2 for Nature Link from Myanmar and Singapore-based Uni Global Power Pte. Ltd. to build under a Build, Operate, and Transfer (BOT) agreement in accord with the foreign investment law.

The tender winning company has submitted a proposal to MIC through the Ministry of Defence. MIC has also allowed the joint venture of Shwe Taung Development Co. Ltd. and a Singapore company to construct office buildings in Yangon region during August.

Foreign investment in the construction sector amounted to over US$ 37 million by August 2013. In hotels and tourism, foreign investment is over US$ 1.5 million, according to statistics.

Source: ELEVEN Myanmar

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