The statement comes after the minister announced several new projects for Yangon earlier in the year.

These projects include:

• The S$5 billion new Yangon City project, which will include five townships and 10 km of industrial estate on the west bank of Yangon River;
• The Yangon Amata Smart and Eco City project;
• And up to 11 new industrial zones in 11 townships.

It is believed these new projects will help accommodate the rising number of migrant workers from other states and regions, and also alleviate traffic congestion, and problems with squatters.

The minister says the Yangon City project and other projects will be developed by the private sector, and are necessary to attract more foreign direct investment (FDI) in the long term, after he announced Phase 1 of the development earlier in the year.

Related reading: Will the New Yangon City Project attract investment from international players?

Colliers International Myanmar believes any projects concerning the improvement of existing infrastructure developments must be prioritized to alleviate chronic traffic congestion.

"As the city still suffers from poor water distribution, inadequate road conditions, and power shortages, there should be initiatives to improve such issues in order to draw FDI in the long term," says Colliers.

"Enhancing the quality of the basic structures and necessities will boost a higher return on investment within the city as Yangon alone draws in more than half of the total FDI for the country. The escalated standards of amenities within the city will, in turn, promote higher quality for various forms of businesses and developments," says Colliers.

Earlier in the year, Serge Pun, CEO of the New Yangon Development Committee (NYDC) addressed concerns over the growing debate between developing ‘wasteful white elephant’ buildings versus the inclusion of shiny skyscrapers and luxury housing in the New Yangon City.

Related reading: Orchestrating and fine-tuning Phase 1

"When planning a new city, it would be irresponsible not to consider how it should look like 25 to 30 years from now," Pun said. 

"I have no doubt that New Yangon City will become a vibrant part of the Greater Yangon Area as well as become the vanguard of its economic growth, especially in the face of inevitable urbanisation.

"As such, the NYDC team is factoring in all the necessary provisions to meet these demands in years to come," he added.

Source: Colliers International Myanmar, The Myanmar Times.

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