Legislator questions hotel project at defence museum

A legislator on Tuesday asked the parliament for more details about a US$320 million hotel project at the Defence Services Museum.

U Kyaw Zayar, Hluttaw representative of No.2 Dagon township, said he wanted to know the agreement about this project and how the people can benefit from it.

The legislator also wanted to know if the project, which would be financed by Japanese investors, is in line with the urban and housing regulations issued by the government.

The project has been advertised in private newspapers and journals, but it is not found in state-run newspaper and the public is not informed legally.

Minister for the Ministry of Planning and Finance U Myint Thaung said the permit for the project was approved in two phases – the first phase is under the Myanmar Citizen Investment Law, and the second phase is under the Myanmar Investment Law 2017.

“The hotels and offices will be constructed with eight storey buildings. The shopping center will be two storey buildings. That project is fit with the Yangon city project,” he told the Hluttaw.

The project, called Okura Prestige Yangon, will include modern office rooms, shopping centers and a hotel. The Myanmar Investment Commission approved the project under the build-operate-transfer system on September 5, 2013 for initial period of 50 years.

The project’s investors are Fujita Corporation, Tokyo Tatemono Company, Japan Overseas Infrastructure Investment Corporation and the Yangon Technical and Trading Company, which is under the Ayeya Hintha Holdings Company Limited.

The project site is just two kilometres from the Shwedagon Pagoda.

Source: Myanmar Times

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