An industrial zone planned for Maubin in Ayeyarwady Region is on hold because of problems rezoning agricultural land for non-agricultural purposes, according to U Aung Kyaw Min, a member of the board of directors of Maubin Development public company.
In a sign of renewed confidence in a controversial project, more than 50 companies have signalled their interest in developing Southwest New City. Regional government officials say all have bought tender forms in preparation for bidding to take part.
Developers will need to construct new buildings further apart from existing structures according to new rules to begin next month.
Apollo Towers raised US$30 million in equity from Myanmar Investments International Limited (MIL) on July 31, six weeks after receiving approval for a $250 million loan from the US government’s development finance arm, Overseas Private Investment Corporation (OPIC).
The company behind a high-profile development near to Shwedagon Pagoda that was cancelled earlier this month will be offered a new site for the project “very soon”, according to a spokesperson.