Mixed development project near Shwedagon Pagoda makes progress

Y Complex Company, a Japan-led consortium, yesterday held preliminary discussions to conduct the necessary environmental and social assessments required to commence development of a large-scale mixed-development project at the intersection of Shwedagon Pagoda Road and U Wisara Road in Yangon.

The Y Complex Company is led by Japan’s Fujita Corporation, Tokyo Tatemono Co and Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development in partnership with Yangon Technical & Trading Co (YTTC), an affiliate of Ayeyar Hinthar Holdings Co.

Development of the $332.5 million project is expected to commence this year on the former site of the military museum across 16,000 sq m of land. It will comprise a high-grade office building, commercial facilities and the luxury Okura Prestige Yangon hotel, occupying a total floor space of approximately 92,000 sq m.

E Guard Environmental Services has been appointed to conduct an environment impact assessment (EIA) for the project, while REM-UAE Laboratory and Consultant Company will make arrangements to conduct the social impact assessment (SIA).

The assessments are expected to be complete next month, after which the documents will be submitted to the Environmental Conservation Department under the Ministry of Natural Resources and Environmental Conservation, U Win Naing Tun, director of REM – UAE, explained.

Under the Environmental Conservation Law of Myanmar, the relevant ministries will review the EIA and SIA reports within 90 days.

Once the EIA and SIA are approved and accepted, Y Complex Company will commence work on the project, in line with rules and regulation of the country, according to Shoichi Inoue, general manager of project planning at Fujita Corporation.

The project, which is expected to be complete in 2020, is the first project to be granted by the Yangon region government and Myanmar Investment Commission (MIC) under the new Myanmar Investment Law approved in 2016.

The consortium won the tender for the project, which will be developed on a Build, Operate and Transfer arrangement, in 2013. It is expected to create over 800 construction jobs and a further 500 services jobs after it is complete.

As it is located within the height restriction zone around Shwedagon Pagoda, buildings included in the development will have a maximum height of 184 feet, or nine levels. The height restriction at the Shwedagon Pagoda area is fixed at a maximum of 190 feet.

In July 2015, former president U Thein Sein cancelled five approved property projects near the Shewdagon Pagoda after mounting protests. These included the $300 million Dagon City 1 development, which is a joint venture between the Marga Landmark Development Co and local firm Thu Kha Yadanar Company.

In 2016 however, the MIC approved a new 17 acre site for Marga Landmark’s Dagon City 1 at the corner of Kaba Aye Pagoda and Kan Be Road, which is owned by the Ministry of Science and Technology.

Source: Myanmar Times

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