39 Domestic and Foreign Companies Bought EoI Application Forms To Invest in New Mandalay Resort City

The 39 domestic and foreign companies including Chinese companies, Japanese companies and Korean companies bought Expression of Interest (EoI) application forms to invest in New Mandalay Resort City (Yadanarpon Cyber City) project, according to the statistics released by the Department of Urban and Housing Development, Mandalay Region.

“We will know whether all these companies actually submit EoI or not at the tender selection time. The tenders will be selected by the Tender Selection Committee under the Union Ministry,” said U Thet Naing, Director of the Department of Urban and Housing Development, Mandalay Region.

Tender Selection Committee comprises respective regional ministers, responsible officials from the Ministry of Construction and other experts, he said.

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New Mandalay Resort City (Yadanarpon Cyber City) Project will be implemented at 21 miles near Pyin Oo Lwin City on Mandalay-Lashio Road in Mandalay Region as the Industry-based city, IT-based city, Agriculture-based city, Healthcare-based city as well as Hotel and Tourism-based city.

The project will be implemented on 10,000 acres of land and will be developed phase by phase: phase 1, 2, 3. The development of Phase 1 and Phase 3 will be directly handled by the Union-level government. The development of Phase 2 will be supervised by the Yangon regional government. The present invitation of EoI is to find competitive real estate developer firm for construction, marketing, investment and management of the Phase (1) and (3) of the project, said U Thet Naing.
“The project can be faster if the main investment company cooperates in various sectors. And then, as the project is a huge project it can create many job opportunities for the local people,” he said.

The phase 1 is 2200 acres wide and covers industrial zone, residential zone, education and health services zone.

The phase 2 is 2919 acres wide and comprises residential zone, development zone, administrative zone, economic zone, agro-based industrial zone and small-scale industrial zones.

The phase 3 is 4744 acres of land and covers luxury residential housing, affordable housings, golf club and agricultural zones.

Credit: The Myanmar Times
Translated by: iMyanmarHouse.com