K90-billion devt project to rise in Mandalay city

A K90 billion (US$59.16 million) mixed-use development project will soon rise in Chan Mya Tharzi township in Mandalay city, said U Zarni Aung, regional minister for Electric, Energy and Construction.

The project will consist of commercial and residential areas and will include centres for education, innovation and community. The plan has already beensubmitted to th regional parliament for approval, he added.

“Currently, we’re studying in detail issues regarding the possession of land in the project area. Then we will start implementation together with Mandalay Taungthaman Development Ltd, which has won a tender according to the project’s requirements,” said U Zarni Aung.

The project will be implemented on a more than two hectares of land owned by the regional government located between Padauk Street and Thaik Pan Street, between 69th and 70th streets in Myothit Ward. The site is bordered by landmark structures such as the Mandalay Convention Centre and Mandalar Mandalay.

An agreement with Mandalay Taungthaman Development was signed last October and the project is expected to be completed in two and a half years.

The company will have to pay K2 billion for the land premium to the regional government when the commercial component of the development starts operating. Also, the company has to pay the regional government K1 billion as annual lease payment for a shopping mall (excluding shophouse units) in the project by the last day of every financial year.

The project is expected to boost the regional government’s funding and also develop economic infrastructure in Mandalay.

It will also feature innovation centre which will provide a place for young people to share new technologies, an education centre and community centre which will support residents to gather at one area for group health and social activities, the government announced.

Source: Myanmar Times

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