Project to bring changes to Sittwe’s waterfront by next year

A mixed development waterfront project on along the Kaladan River in Sittwe, Rakhine is now 90 percent done and is expected to be complete by the middle of next year, Steve Park, CEO of Korean developer BXT International Co, told Myanmar Times.

The remaining work involves the completion of roads, drains and power grids at the project site, said U Aung Kyaw Zan, Rakhine State minister for Electricity, Industry and Transportation.

“All the necessary environmental and social impact assessments have been prepared,” he added.

The Sittwe Waterfront project, which will comprise government offices, an industrial zone, hotels and shop houses, is being developed in three phases on 36 hectares of land near the Sittwe Myoma Market and port.

The industrial zone will comprise can factories, cold storages facilities and logistics and transportation companies. There is no restriction on building designs as well.

Phase 3 of the project will involve the development of shop house units in cooperation with a US firm. Once official approval is received from the Myanmar Investment Commission (MIC), a total of 70 will be built, Mr Park said.

“We are making arrangements to start in the beginning of 2020. We will apply for approval from MIC in coming days as well,” he said, adding that many investors are interested in the shop houses, which will be complete within one year.

The shop houses will come with three-storeys, with shops permitted to open on the ground floor while the two higher levels are for residential purposes.

As Rakhine State is one of the least developed states in the country, the government has provided seven years of tax exemption on the development of the project.

Despite its remoteness and poverty, “Sittwe is very safe. Although there are problems in Rakhine State, this place is very beautiful and deserves investments,” Mr Park said.

The government will hold a 30pc stake in the project while the remaining stake will be held by BXT.

Land sales were first launched in November 2018 and 20pc of the land has already been sold, said Mr Park. As it involves government cooperation, a 60-year land grant was given to the project.

Buyers can sign an agreement with the government and BXT after making a 20pc downpayment, and for those who can pay up in full within two years, BXT will accept installment payments without interest. – Translated

Source : Myanmar Times

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