Land plot leases at Korea-Myanmar Industrial Complex to start in January

Applications for land plots at the Korea-Myanmar Industrial Complex (KMIC) in Yangon will commence on January 20, 2021. The industrial zone is located in Hlegu Township in Yangon Region and has a total area of over 500 acres. KMIC is a joint project between the Myanmar government and state-owned Korea Land and Housing Corporation (LH), under which Myanmar will provide investors with government-owned land as well as electricity, water and transport infrastructure to set up facilities with the financial aid provided by the Korean government.

The price range for leasing the KMIC land plots are US$69.3 – US$75.6 per square meter. The initial sublease period for the land plots end on December 22, 2069. Upon the expiration of the initial sublease period, investors will give two (2) ten-year sublease extension options. Due to COVID-19, investors will be able to select the plots of their choice via an online land reservation system, which is the first of its kind in Myanmar.

When fully leased, KMIC will be able to house 135 international companies in an area of 556 acres, according to the KMIC Development Company. The industrial zone will have its own power substation to ensure uninterrupted electricity supply as well as water and wastewater treatment plants and a dedicated four-lane access road linking it directly to the Yangon-Mandalay Highway. A KMIC Easy Service Center will be set up to ensure the process of obtaining various permits and approvals from the relevant authorities is smooth.

Construction of the first phase of the industrial zone will recommence this month after work was disrupted by the pandemic. Construction will take 24 months and involve US$27 million to develop. A second industrial park is also being developed at Hlegu township. The Myanmar Singapore Industrial Park received approval from the Myanmar Investment Commission in July and will be developed by Singapore-listed Sembcorp Industries under a JV with local partners.

The JV will lease 436 hectares of land for industrial, residential, and commercial purposes. The JV company will be responsible for the master development of the industrial park, which will be developed over a period of nine years, in line with market demand, according to Sembcorp.

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Source: Myanmar Times

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