YANGON—Adventure Myanmar Tours & Incentives Company will invest Ks 46 billion (US$ 46 million) to build hotels and infrastructure on 7.42 acres of land at the former National Defence College, according to the Myanmar Investment Commission.
The MIC allowed the company to operate on the former college grounds in accordance with the foreign investment law after reviewing its application during a meeting on January 30.
The land has been leased to the company under a Build, Operate and Transfer (BOT) contract to build a five-star hotel, a shopping mall, a business centre, and serviced apartments.
Adventure Myanmar Tours & Incentives Company is the second firm to invest in the compound of the former defence college after Shwe Taing Development was allowed to build an international standard hotel, a serviced apartment, and a shopping complex on 12.6 acres of land of the former National Defence College in August last year.
Shwe Taing Development Company will invest Ks 100 billion (US$101 million) on the project.
Source: ELEVEN Myanmar