Phyo Min Thein said at Vice President Myint Swe’s meeting with Myanmar businesses last week that the plan would consist of building a new deep-sea port, a new economic zone, the New Yangon project, and a variety of residential housing – low-cost, mid-range, and high-standard.
“Now we are seriously observing all the potential places in Yangon. We will be implementing new residential housing projects in all four directions – east, west, north, south of Yangon.
“When we say low-cost housing, it does not mean that it is below the standards. We are worried about that and will make sure people can buy quality apartments at their affordable prices,” he said.
“Once we finish all our on-ground observations, we will invite all the business people in the construction industry to explain them about our projects.
“We will provide them with all the necessary information so that we can prevent speculation. We are now making our best efforts to make it happen. Once we make it public, construction businesses will have a lot of opportunities.”
The chief minister said that the state will manage the land of the New Yangon project, part of the master plan.
He said that all the construction phases and infrastructure projects involved will be open to local businesses through the tender system. He promised to ensure a transparent and inclusive process when it comes to selection of developers.
Phyo Min Thein hinted that the government might control extremely high land prices in the city.
He warned business people of not taking risks in building new houses.
At the event, Tha Htay, president of Myanmar Construction Entrepreneurs Association, the largest network of all stakeholders in the construction sector, expressed his eagerness to participate in the New Yangon project.
“We knew from media reports about it. We want the government to assign the responsibility to implement the project. We do want to cooperate,” he said.
Tha Htay welcomed the state’s decision to manage the land. He also urged the regional government to approve an internationally recognised concept for the project.
“Once the concept is finalised, please let us help and we will definitely make it happen,” he said.