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No green light for Yangon New City Project

Yangon Region Minister for Forestry and Energy Kyaw Soe yesterday denied a rumour that the regional government granted a permit for the Yangon New City Project to Myanmar Saytanar Myothit Public Company.

“We have not given the green light to any company. It is under scrutiny. The rumour is untrue,” he said.

Many areas in the western part of Yangon, between the Panhlaing River and Twante Canal and between the Hlaing River and Hlaingthayar-Twante Motorway have already been set aside for the project. Moreover, the Yangon New City Project will include land plots across the river from Kyeemyindaing Township and in Twante Township.

The regional government opened a tender for the Yangon New City Project on 12 January, 2015. Only three of more than 50 companies that requested tender forms ended up submitting applications. Those companies are Yangon South West Development Public Company, Business Capital City Development Ltd and Shwe Pobba International Construction Co Ltd, a subsidiary of Shwe Than Lwin Co.

The regional government is now evaluating the applications. Yangon South West Development said it would implement the project with an investment of US$15 billion. Business Capital City Development Ltd said it would invest using loans from home and abroad, offering shares and welcoming additional investments. Shwe Popa International Construction Co Ltd intends to invest Ks 500 billion in the project and would also take out loans from local and international banks.

The project includes river-crossing bridges, affordable housing, rental housing, a home for senior citizens, highway terminals, libraries, museums, airports and Buddhist universities. Those involved say it will create job opportunities for local people.

At the Yangon Region parliament session on August 22, 2014, a decision to award the tender to Myanmar Saytanar Myothit Public Company faced a barrage of criticism.

On September 26, 2014, the region parliament officially suspended the project after public outcry over the scheme’s lack of transparency.

On June 25, 2015, MP Myint Lwin from Kyeemyindaing Township submitted a motion to “rapidly implement the Yangon New City Project” at a special parliament session.

The proposal was approved by the regional parliament with a majority of votes, though some MPs expressed opposition to it.

Source: ELEVEN

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