Local, foreign investors invited to participate in Yangon’s new satellite towns project

The New Yangon Development Co. Ltd (NYDC) has invited third parties — local and foreign entrepreneurs — to invest in the urban city extension project with new satellite townships.
The project is expected to create massive job opportunities for some 2 million people.
NYDC invited investments to facilitate infrastructure development through public-private partnerships at the launch event of the NYDC at Lotte Hotel, Yangon, last Saturday. Officials from the Yangon Region government and several enthusiastic local and foreign investors attended the event.
NYDC is wholly owned by the Yangon Region government. The implementation of phase 1 includes core and social infrastructure projects, which are slated to be completed by 2020.
In the first phase, some 1,500 square kilometres on the west side of Yangon river will be developed to build five townships, two bridges, a 26km-long arterial road, 10 square kilometres of industrial zone, electric power generation factory and facilities, and water treatment plants, said Serge Pun, CEO and Vice Chair of NYDC.
Some US$1.5 billion will be needed to execute this plan, and the Yangon Region government will provide a capital of $7 million.
The new satellite town project will be carried out through public-private partnerships. Private sector role plays a crucial role in providing financial assistance, said Yangon Region Chief Minister U Phyo Min Thein.
“The Yangon Region government will strive to provide a one-stop service to cut red tape in office procedures. NYDC will take responsibility for the project on behalf of the Yangon Region government.
Therefore, it will facilitate more than what the government offices do,” he maintained. Serge Pun noted that “most of the investors come to Myanmar to build high-rise buildings, shopping centres and condominiums.
However, factories are required to employ local residents. Accommodation, schools and hospitals are more necessary. Fair-cost apartments must be built.
We will try to manage NYDC in a bid to facilitate job opportunities for 2 million people in a short time.”
Daw Nilar Kyaw, Yangon Region Minister for Electricity, Industry and Transportation, will be the chair of the NYDC board of directors. U Han Tun, Yangon Region Minister for Agriculture, Livestock, Forestry and Energy, will assume the role of independent director, along with George Yoe and U Tun Myat.
“I have promised that affiliated companies will not be part of this new city project. We will conduct the public procurement through fair jurisdiction. Affiliates will not make a bid,” said Serge Pun.
NYDC will adopt the widely used Swiss Challenge
System. The Swiss Challenge System will be slightly amended to make it adaptable to the local situation, and its name will be changed to NYDC Challenge.

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