Investors sought for new Myanmar city

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A new satellite town is planned to be built on Mandalay’s idyllic riverside

A private group of financiers has proposed a new “satellite town” outside of Mandalay, Myanmar’s second largest city and the gateway to key trade routes with India and China, local media reported this week.

The proposed project will be constructed on a 22,000-acre plot of land and is being spearheaded by the president of the country’s Cooperative Bank (CB), U Khin Maung Aye, Mizzima, a local online news agency, reported.

The development is reported to feature a range of facilities and construction projects, including waterfront housing, a hotel zone, a retail area, riverside recreation areas, an industrial zone, warehouse areas, a trading centre and education facilities.

At the moment, CB is still looking for financial backers, though 3,000 prospective shareholders have already signaled interested in the project, senior management of the company announced.

The “New City Project” is to be located 16 kilometers south of Mandalay near the ancient town of Inwa in Tada Oo Township, just 8.8 kilometers from the Mandalay International Airport.

News of the mega-project has already sent property prices in the area soaring. Land in Tada Oo Township is now being priced between 3.5 million and 30 million kyat ($ 4,022 to $34,482) per acre, according to reports.

However, the government has not yet approved the project and is leery of feasibility because of land prices.

Last June, Khin Maung Aye met members of the Mandalay government to pitch the project, which is estimated to take 10 years to complete.

Mandalay, the country’s ancient royal capital, is located 716 kilometers north of Yangon and is home to nearly 1 million people.

 

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Reading Time: 2 minutes

A new satellite town is planned to be built on Mandalay’s idyllic riverside

A private group of financiers has proposed a new “satellite town” outside of Mandalay, Myanmar’s second largest city and the gateway to key trade routes with India and China, local media reported this week.

Reading Time: 2 minutes

A new satellite town is planned to be built on Mandalay’s idyllic riverside

A private group of financiers has proposed a new “satellite town” outside of Mandalay, Myanmar’s second largest city and the gateway to key trade routes with India and China, local media reported this week.

The proposed project will be constructed on a 22,000-acre plot of land and is being spearheaded by the president of the country’s Cooperative Bank (CB), U Khin Maung Aye, Mizzima, a local online news agency, reported.

The development is reported to feature a range of facilities and construction projects, including waterfront housing, a hotel zone, a retail area, riverside recreation areas, an industrial zone, warehouse areas, a trading centre and education facilities.

At the moment, CB is still looking for financial backers, though 3,000 prospective shareholders have already signaled interested in the project, senior management of the company announced.

The “New City Project” is to be located 16 kilometers south of Mandalay near the ancient town of Inwa in Tada Oo Township, just 8.8 kilometers from the Mandalay International Airport.

News of the mega-project has already sent property prices in the area soaring. Land in Tada Oo Township is now being priced between 3.5 million and 30 million kyat ($ 4,022 to $34,482) per acre, according to reports.

However, the government has not yet approved the project and is leery of feasibility because of land prices.

Last June, Khin Maung Aye met members of the Mandalay government to pitch the project, which is estimated to take 10 years to complete.

Mandalay, the country’s ancient royal capital, is located 716 kilometers north of Yangon and is home to nearly 1 million people.

 

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