A firm called New Downtown Development Company will build a 10 storey building including a luxury shopping mall at Yangon’s Pansodan port, said Union Minister for Transport U Nyan Tun Aung.
The firm won a tender to develop the building at the port, which is a main passenger terminal for the Yangon-Dala township ferries that frequently make the short trip across the Yangon river.
The project will be built under Build-Operate-Transfer terms of 20 years’ duration, said U Nyan Tun Aung at a June 21 ceremony laying the first stone of the project. The firm will pay US$1 million up front to secure the land rights as well as $1 million in annual rental fees.
The shopping mall is part of a planned rebuild of the Pansodan-Dala passenger port that also includes a 12 metre-long steel jetty, a two-storey resting hall measuring 200ft (61m) by 145ft (44m) and a 100m long steel bridge.
The jetty on the Dala side is expected to cost $4.5 million, and the terminal building $3.5 million, said Myanma Port Authority chief civil engineer U Mya Than.
The jetty and terminal building are expected to come first, followed by the building with the shopping centre.
“The company is still working out the design,” said Ministry of Transport information office U Htain Lin.
“Initially it was planned as a 20-storey building, but it will be 10 storeys,” he said.
U Nyan Tun Aung claimed the project will be completed within a year, adding that New Downtown Development Company was aiming only to cover costs.
“This is a big transportation project to implement in Yangon, the country’s commercial hub,” he said.
More than 30,000 people commute from Dala to Yangon and back every day, generally using the passenger ferries that dock near Strand Road. Japan has agreed to donate three ferries – to be christened Cherry 1, 2 and 3 – with a capacity of over 1000 passengers each, necessitating the port upgrades, he said.
Officials did not release any details of New Downtown Development Company.
Source: MYANMAR TIMES