MTSH to receive MIC approval for Gyogon housing redevelopment project

Myanmar Thilawa SEZ Holdings Public Company Limited (MTSH) said it will soon receive the approval from the Myanmar Investment Commission (MIC) for the redevelopment of the Gyogon Housing Project in Insein Township of Yangon Region.
MTSH, which won the tender for the project on 5 March 2020, stated the information in its financial statements released for the financial year 2020-2021 for the information of shareholders.
The project will be developed in the short to medium term, with a return period of three to seven years, according to the financial statement. The company will continue to manage its existing operations to ensure its long-term sustainability and is paying special attention to the company’s reputation, financial situation and the risks of loss by overcoming the pandemic. It is also announced that MTSH will also adhere to the OECD guidelines on the code of responsible business conduct.
Gyogon housing redevelopment project is located near Yangon Technological University, between Insein Road and Baho Road, close to Gyogon Railway Station and covers an area of 17 acres. The project will include relocated buildings for existing tenants in the housing complex, affordable housing, reasonable-price standard housing and commercial buildings such as shopping malls and shophouses, including socio-economic infrastructures such as schools and hospitals. An MTSH official told the media that the project would cost about K178 billion. — Ko Naing (Bago)/GNLM