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FMI City completed, to be handed over to housing board

FMI Garden Development Ltd announced the completion of the FMI City project in a statement yesterday with the project to be handed over to Myanmar’s housing board on September 30.

Known as Padaetharbin Myo Taw locally, FMI City is the country’s first gated community. Located in the northwest, about 15 kilometres away from downtown Yangon, FMI City houses nearly 8,000 residents in 2,000 properties across 465 acres of land.

“In 1995, when FMI Garden Development first laid the foundation stones of FMI City, the place was just a paddy field,” said Daw Le Le Win, Managing Director of FMI City. She added that the city is “a first of its kind thriving upscale gated community in Yangon and a benchmark for quality housing development in Myanmar.”

U Tun Tun, chief operating officer at First Myanmar Investment Public Co., Ltd (FMI), a main shareholder of FMI Garden Development, said: “FMI Garden Development’s management team has taken care of post development estate management duties for 20 years and the time has come to hand back management of the estate to the Department of Urban and Housing Development (DUHD).

Whilst the development continues to be known as FMI City, we will no longer manage the estate.”

The DUHD under the Ministry of Construction is set to take over the estate management of the development of the FMI city at the end of the month.

FMI is the first listed company on the Yangon Stock Exchange, and one of the largest public companies in the country which focuses on financial services, real estate and healthcare sectors. FMI is a subsidiary of Serge Pun & Associates (SPA Group), whose founder and owner, Serge Pun, also leads the new Yangon city project to the south of FMI City as chief executive and vice-chairman in the government-owned New Yangon Development Company Ltd.

Source: Myanmar Times

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