A large plot owned by the Ministry of Health in front of the University of Nursing at the corner of Bogyoke Aung San and Pyay roads in central Yangon has been leased for a private hospital, according to a source at the Myanmar Investment Commission.
It is reported that the monthly land rental is Ks181 per square foot for the 4.3-acre plot near Yangon General Hospital.
The Parkway Yangon Hospital is a collaboration between Singapore-based Parkway Hospital Group and the domestic Andaman Alliance Healthcare Ltd. The project reportedly has capital investment of US$80 million, with Parkway contributing 62.5 per cent and Andaman Alliance 37.5 per cent.
Andaman Alliance is run by Dagon Group Co Ltd, which is jointly established by Win Aung, president of the Union of Myanmar Federation of Chambers of Commerce and Industry, and International Beverages Trading Company chairman Aung Moe Kyaw.
The land use premium is said to be US$2 million per acre and the project was given the green light in accord with the Foreign Investment Law, under which the lease should last 50 years with the option of two 10-year extensions.
The Ministry of Health was unavailable to comment.
“Leasing land owned by the health ministry, where public health-care projects could be developed, is a conflict of interest. Such projects with a conflict of interest should be investigated and reviewed when the next government takes office,” said Dr Thein Myint, managing director of the Eleven Media Group.
Source: ELEVEN
