M-development Corporation (Myanmar) Co has signed a Build, Operate and Transfer agreement with the Mandalay City Development Committee (MCDC) to upgrade the Chanmyashwepyay (Kywesekan) Bus Terminal over a period of 50 years, at K3 billion per year.
The terminal will be upgraded in accordance with international standards and built to function like an airport.
Targeted to be complete in 2020, it will not only be equipped with new lounges, ticket sales centers and restaurants.
The project will also include supermarkets, shops, hotels and condominium units, said U Myo Ko Ko, general manager of M-Development Corporation.
The condominium will comprise of just five levels compared to the 12 levels originally allowed when the project was mooted in 2014. The condo will be permitted to be built up to 23.5 meters; or five levels now as there are also flight routes and airport activities to consider, he said.
M-development Corp will invest up to $150 million in the project. “Our company will pay K3 billion per year for 50 years for land rental. The land will be returned to MCDC when the term ends. So far, K20 billion for land rental has already been paid. However, we will enjoy a return on investment from the hotels and condo,” said U Myo Ko Ko.
Situated in Chanmyathazi township in Mandalay, the Chanmyashwepyay terminal is the main bus terminal in the region, connecting travel to all major destinations in the country including Yangon, Taunggyi, Kalaw, Nay Pyi Taw, Monywa,
Hpa-An, Pyay, Bago and Lashio. As thousands of vehicles stop at the terminal on a daily basis, its yearly income is over K6 billion, said U Thet Naing Htin, joint secretary of MCDC.
There are 245 gates at the terminal which covers an area of 15.26 acres. The terminal is always busy with people and commodities transported by over 350 express buses from 156 bus lines.
From the bus terminal, there are over 1,700 registered vehicles, including over 100 buses that operate the Yangon-Nay Pyi Taw-Mandalay routes.
As such, the new terminal will enable travelers to enjoy smooth, quick and safe public transport services
During the upgrading period, temporary car gates will be built in the Industrial Trading Centre compound near the current terminal for driver and travelers convenience.
Source: Myanmar Times
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