Shwetaung Chosen as Lead Developer for Ayarwon-Yadana Housing Project

The Construction Ministry has chosen Shwetaung Construction Company as the lead developer for the Ayarwon-Yadana Housing project, said Min Htein, director-general of Urban and Housing Development Department under the Construction Ministry.

“The company has many years of experience,” he announced at a discussion on the proposed housing law held December 26 at the Myanmar Construction Entrepreneurs Association on December 26.

The project is an 11-block plan. The ministry invited local and foreign companies to submit a tender for the development of eight blocks three month ago, said Min Htein. “Only three citizen-owned companies submitted their applications, two of which found it difficult” to meet the needs of the Ministry.

The tender-winning Shwetaung Construction Co is required to give priority to infrastructure development — road construction, power supply and water supply for the Ayarwon Housing project. Only then would construction of buildings begin in a phased-in approach.

The construction of Yadana Rose Housing Project was kicked off on April 11, 2013. State Counsellor Daw Aung San Suu Kyi attended the opening of it on December 24.

More than 500 apartments from the 18-story Yadana Rose Housing building have sold out.

Apartments from the project will be sold via the Construction and Housing Development Bank under a 15-year installment system.

 

Source: Eleven Myanmar

 

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