Govt hous­ing project in the red be­fore de­vel­op­ment com­mences

The Myanmar Times - - Business - – Yee Ywal Myint

WHILE the Yan­gon Re­gion gov­ern­ment has in­jected K54­bil­lion into the de­vel­op­ment of the Ma­har Yan­gon new city project, con­struc­tion has yet to com­mence, ac­cord­ing to a 2016-17 re­port pre­pared by the Yan­gon Re­gion Of­fice of the Au­di­tor Gen­eral. Mean­while, the project has al­ready chalked up K11.6 mil­lion in costs.

When it is com­plete, Ma­har Yan­gon is ex­pected to con­sist of sev­eral hous­ing projects, in­clud­ing the Mayan­gone Villa hous­ing project, Parami hous­ing project, civil ser­vant hous­ing and a mixed-use project. It will also in­clude a dry port in­dus­trial zone. Staff hous­ing will be con­structed to sup­port the in­dus­trial projects.

It is the first com­pany es­tab­lished by the gov­ern­ment to oversee hous­ing con­struc­tion. How­ever, it co-in­vested with Myan­mar Con­struc­tion De­vel­op­ment Pub­lic Com­pany as it has no ex­pe­ri­ence in con­struc­tion, said U Shein Win, di­rec­tor of the Metropoli­tan De­vel­op­ment Pub­lic Co.

So far, land mea­sure­ments have al­ready been car­ried out for the civil ser­vant hous­ing in Dagon Seikkan town­ship as well as for Mayan­gone Villa and the dry port in­dus­trial zone.

The re­gional gov­ern­ment will fund the Mayan­gone Villa project, which is be­ing de­vel­oped over 11.9 acres of land and will in­clude six build­ings when com­plete. The project was trans­ferred to Yan­gon by the Ur­ban and Hous­ing De­vel­op­ment De­part­ment.

The Yan­gon Metropoli­tan De­vel­op­ment Pub­lic Co was formed by the Yan­gon gov­ern­ment to de­velop and oversee the project. The Yan­gon gov­ern­ment has taken a 51 per­cent stake in the com­pany, while Myan­mar Con­struc­tion and De­vel­op­ment Pub­lic Com­pany (MCD), a pri­vate firm, mopped up the re­main­ing 49pc.

Au­di­tor Gen­eral Daw Khin Tha Hla warned though, that funds may be lost or wasted should un­fore­seen com­pli­ca­tions take place as a re­sult of the trans­fer. As such, plans and a clear line of man­age­ment should be drawn out to en­sure the project is suc­cess­ful.

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