New Yangon City Phase-1 expected to cost over $ 1.5 bln

Infrastructure development of New Yangon City Phase-1 is expected to cost over US$ 1.5 billion, Yangon region Chief Minister Phyo Min Thein said at a press conference on the launch of New Yangon Development Co Ltd (NYDC) at Lotte Hotel in Yangon on March 31.

Phyo Min Thein, Yangon region Chief Minister said: “The establishment of strong basic industry will help create new jobs. As a result, benefits from this sector will flow into other sectors gradually. The new project will create two million jobs. The project is expected to help develop local businesses and attract international investors. The project will include quality building and fair-cost housing for the people from all strata of society.”

The NYDC was established in accord with the Special Companies Act. The NYDC is fully owned by the Yangon Region Government. The first phase covers five villages and townships, two bridges, 26-km-long main roads, industrial zones, power plants, power distribution facilities and water and sewage treatment plants.

The main purpose is to develop land space on the west bank of Yangon River and develop economy and house sector and create jobs. It will be named “Yangon Myothit”. Upon completion, it will be almost twice as big as Singapore.

The project will be developed under the Public Private Partnership (PPP) system. The board of director which is the highest authority will manage the NYDC. The BOD members are government ministers and independent foreign directors to make sure that the company can stick to good administration and best practices meeting international standards.

Thein Wai (Serge Pun), CEO of the NYDC said: “Thanks to new employment opportunities, there will be social and economic benefits. As a CEO, there will be no direct or indirect involvements in the tender processes for better administration when I myself and companies under the management of me compete for tenders invited by the Public Works Department.”

George Yeo, former foreign minister of Singapore said: “To ensure fair competition, transparency and capability, the NYDC will use the Swiss Challenge method, an international competitive bidding process for awarding a contract, after changing into the NYDC challenge. Transparency is of great importance to get trust from all stakeholders.”

Yangon Region Minister for Electricity, Industry and Transport Nilar Kyaw who is also the chair of the NYDC said: “The region government has contributed Ks 10 billion into the NYDC’s fund.”

Source: Eleven Myanmar

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