Plans for a large US$300 million mixed used project near U Htaung Bo Roundabout in Yangon were promoted last week, though government officials say they will keep an eye on its proposed high-rise structures to see if they contravene zoning plans.
The Dagon City 1 project is set to include a five-star hotel, office and retail space and residential buildings, aiming to finish the multi-phased project in five or six years, according to company officials.
The land is leased from the government what branch using a build-operate-transfer system. Developers Marga Landmark, an international syndicate of Hong Kong, Korean and British investors, and local firm Thu Kha Yadanar say they hope to have the first phase of four residential towers finished by the fourth quarter of 2014.
Yangon City Development Committee’s (YCDC) zoning plan sets height limits for many of Yangon’s buildings. The Dagon City 1 project is near Shwedagon Pagoda, where many buildings are limited in height to avoid blocking views of the landmark site.
YCDC director of urban planning U Toe Aung said that a project proposal has not yet been submitted to YCDC, but it sits on land designated to be in the Shwedagon highrise limited zone and in green zone 2 – both areas with various restrictions on building height.
“When they propose their project to YCDC, we will assess whether their plans comply with restrictions on heights,” he said.
Company officials said the firms have received permits from Myanmar Investment Commission (MIC) and also agree to follow YCDC’s rules.
Dagon City 1 aims to include eight-storey residential towers with apartments between 600 and 2000 square feet, as well as several penthouses. It also boasts amenities including a fitness centre, outdoor swimming pool, restaurant and indoor golf.
Developers also highlighted the opportunity to provide jobs for local people.
Source: MYANMAR TIMES
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