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The government established company to supervise Yangon New City Project

Myanmar real estate news The region government organized Yangon New project Development Committee NYDC to supervise Yangon new City project which is worth $1.5 billion. And U Thein Wai, FMI Company’s chairman was appointed as CEO of the Company, announced on March 31, 2018.

That company has to be established with special Company Law K10 billion, the entire Yangon new city project will be supervise,” said senior officer U Thein Wai. Therefore, NYDC Company will not work Yangon new city construction, instead of Yangon Region government, the companies which involved in the project will be restricted, he said. Yangon chief Minister U Phyo Min Thein said, “Establishing and implementing the new city project is to be decrease red rod system and to accomplish soon the project”.

“As for now establishing a company and this company has to do substitution of the government and I assumed going to Ministry Department and government department will be easy,” said U Phyo Min Thein.

Yangon New City project will be started implemented the first stage in 20,000 land Acre, which was started in the time of former government but it has no repair, said Region government Street construction Minister Daw Ni Lar Kyaw.

The project will be started built in Yangon west river. At least the total population k 3 million residence moreover to create K 2 million jobs opportunity.

The new $ 1 million 5 billion in the project at Timber Development Company (NYDC) to supervise the government to save the lake formed an FM company chairman Wei (b) by Pun was appointed as Chief Executive Officer, announced on March 31.