Myanmar Gov Scraps 5 Property Developments

• Proeksa Meas
• 31 December 2015
• Local News
• 1348 Views

The Myanmar government has scrapped five planned real estate developments in Yangon following protests by nationalist monks at their proximity to Shwedagon Pagoda, the nation’s holiest Buddhist site.

The decision, which was read out on national television on 6 July, included the cancelling of the $300m, 22-acre Dagon City One project; the highest-profile of the five.

Announced in 2014, the 70-30 joint venture between global developers Marga Landmark Group and local group Thukhayadanar was to feature an 8-tower complex with offices, shopping centres, luxury residences and a 5-star hotel all built on a 22-acre plot formally owned by the military.

According to the Wall St. Journal, the government stated it needed to listen to the monks and would fairly compensate investors?.