Yangon Region Chief Minister Phyo Min Thein has revealed he expects the new Yangon City Project will attract new investments from international players over the next few years. 

He went on to say that the government would speed up the development of Yangon's new city, to complement the rapid growth of the existing commercial hub. 

The project is estimated to create two million jobs, support local businesses and attract foreign companies. It is also expected to see the development of world-class sustainable and reliable infrastructure and include integrated, affordable living for all segments of the community, he said.

Phyo Min Thein anticipates that a strong industrial base will create jobs that in turn will provide flow-on benefits for other sectors across the country and over time, the people as well. Thein explains that the aim is to improve industrial development, job creation and trading to increase inflows on foreign direct investment in Yangon, he said. 

The regional government has proposed a site area of 88, 525 rai (14,164 hectares) to the west of Yangon river for the new city development. A new special economic zone (SEZ) and deepsea port will also be implemented in alignment with the project, on a proposed site area of 126,464 rai (20,234 hectares).

It is hoped that the project will ease congestion in Yangon and fulfil the city's growing housing needs.

Data has been systematically collected about current property demand finding that more than 150,000 households in Yangon are eager to buy their own apartments.

The new city development will comprise three main residential zones - affordable, middle-class and high-end, and will include public spaces designed for recreation and a mixed-use zone of hotels, shopping malls, wholesale and retail centres. 

The project also aims to highlight four key areas:

• Identity
• Transport
• Healthcare
• Education

Modern infrastructure including main roads, elevated expressways and collector roads will also be featured in the development.  

Once development is completed the project is estimated to cover an area twice the size of Singapore. The first phase of development, estimated to exceed US$1.5 billion will include the construction of:

• Five village townships
• Two bridges
• 26 kilometres of artery roads
• 10 square kilometres of industrial estate
• Power plant
• Transmission and distribution facilities,
• Freshwater supply
• Wastewater treatment plants.

Two months ago, Thein announced the launch of New Yangon Development Co (NYDC) and appointed Nilar Kyaw, regional minister for electricity, industry, transport and communications as the firm's first chairperson. 

See here for more information about the NYDC

The firm was incorporated under the Special Companies Act and is wholly owned by the Yangon Region Government. Earlier this month, the firm signed a framework agreement with Hong Kong-listed China Communications Construction Company Ltd for the preparation and submission of a detailed project proposal to provide infrastructure works related to the first phase of the project. 
 
The framework agreement marks the first stage of the NYDC Challenge Model, an adaptation of the globally-accepted Swiss Challenge which allows fair competition. 

Source: New Yangon Development Co., Yangon City Project, Eleven Myanmar

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