Zay Kabar Company in row with squatters

Zay Kabar Company, a local conglomerate with interests in construction and telecommunications, will continue to take action against squatters who trespass on land which it has earmarked for development.

On July 28, conflict arose between squatters and employees of Zay Kabar Company after the latter removed tents that were built on private land which had been reserved for development of the Yangon World Trade Centre near the No3 Yangon Highway.

The project is a joint venture between Zay Kabar Company and Zhejiang LuDing Investment Co, a Chinese developmer.

The company also has plans to develop two other projects in Yangon. The Mingalardone Bazaar Project will be developed in partnership with Zhejiang Luding Investment Co, which develops similar projects in China. Both companies have committed a total of $700 million to develop the project.

Designs for the project, which will involve the development of a wholesale and retail market, residential units and office buildings across 124 acres of land, have been submitted to the Yangon City Development Committee (YCDC) and Myanmar Investment Commission (MIC) for the necessary approvals.

A second property project will be developed near Mya Yeik Nyo Royal Hotel in Bahan township.

The land area for the two projects has already been fenced off and the necessary government land permits have already been granted.

Source: Myanmar Times

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