New home to be offered for cancelled Shwedagon developments

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Good news for affected developers in Yangon

Dagon City 1
Rendering of the Dagon City project in Yangon

Up to 33 acres of ministry-owned land will be granted to five real estate companies that were affected by the cancellation of several high-profile projects near the Shwedagon Pagoda, according to a new report in the Myanmar Times. 

According to U Zaw Htay, director of the President’s Office, the move will enable developers to relaunch their projects, which were halted by the Myanmar Investment Commission (MIC) back in July following orders from President U Thein Sein after some parties protested their close location to the pagoda.

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Among the cancelled projects planned near the revered pagoda include the 22-acre Dagon City 1 mixed-use development by Marga Landmark, spearheaded by Dr Stephen Suen, who was named Real Estate Personality of the Year at the first Myanmar Property Awards 2015.

While the government’s proposal has not been made official, it is believed that the President’s Office will be offering Marga Landmark an estimated 17 acres of land owned by the Ministry of Science and Technology on Kabar Aye Pagoda Road.

Once approved and relaunched, “existing customers [of the original Dagon City 1]can transfer their reservations and enjoy first choice of units at our new location at a good discount along with attractive bonuses,” a spokesperson of Marga Global told the Myanmar Times.

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A minority partner for Dagon City 1, Thukha Yadanar is also reported to receive a ministry land grant for its previously advertised Dagon City 2 project.

MIC is expected to make an official announcement soon.

 

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