doing business in myanmar – what you need to know as a singaporean
Best Premium Co will build a hotel at the Shwe Man Taung golf course owned by Mandalay City Development Committee (MCDC) in Aung Myay Tharzan township, Mandalay, after a four-year delay, according to Mayor U Ye Lwin.
Best Premium and MCDC first signed a land lease agreement to develop the hotels on a Build, Operate, Transfer basis in March 2016.
“The Myanmar Investment Commission permitted the investment in December 2016 under a two- year construction period and investment term for 32 years,” U Ye Lwin said during a Mandalay Hluttaw session.
However, due to objections from people in the surrounding areas of the development site, the plan to build an international hotel was delayed, he explained. As construction of the high-rise hotel in the golf course will block the view of Mandalay Hill, some people have protested against it.
Since then, it has been established that the construction site is not in an archaeological zone nor does it affect the environment. Meanwhile, the Mandalay Hill is 777 ft above the sea level compared to the proposed hotel, which will only be 302 ft in height when complete. So, construction should not block the view of the hill, the regional government said.
Foundation work for the hotel is currently underway, following the signing of an amended agreement on February 5.
“Starting from May 2020, Best Premium will have to pay K30 million instead of initial K10 million a year to the city development committee regardless of whether construction of the hotel is complete or not,” said U Ye Lwin.
Source: Myanmar Times
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