YANGON – A multipurpose residential project including office buildings, apartments and a five-star hotel will be built on military land near the Yangon Zoo.
The project named Dagon City 1 is a joint venture between the Thukhayadana Company from Myanmar and the Marga Group, a coalition of experts and investors from Hong Kong, Korea and the United Kingdom.
“The Dagon City 1 project will provide over 5,000 jobs for the citizens and can promote tourism in Myanmar. We expect the project to boost domestic foodstuff industry and foreign investment, and, in turn, support the local economy,” said John Barnus, director of the Marga Group.
The project site is located on the U Htaung Bo Circular near to the Shwedagon Pagoda and the Yangon Zoo, one of Yangon’s prime central locations.
The project will include eight-storey condominiums with 600 to 2,000 square feet apartments including penthouses, a sports centre, swimming pool, restaurants and indoor golf.
According to the building height limitations regulated by the Yangon City Development Council, the buildings are limited to eight stories so as not to impose over the landmark Shwedagon Pagoda.
Although the project is being built under a build operate and transfer agreement, the officials of Marga are assure ownership rights.
Dagon City 1 will cost US$200 million and the Marga Group will own 70 per cent of share while the Thukhayadana Company 30 per cent.
As the first phase of the project, one to four residential towers will be constructed by the end of 2014.
Source: Myanmar ELEVEN
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