Myanmar real estate news

MIC cancels Yangon heritage tender


Myanmar real estate news Myanmar Investment Commission has cancelled a long-running tender to redevelop a heritage building in downtown Yangon, more than one year after awarding the project to a local company.

In October 2014, the MIC awarded a contract to Inle Lake View Resort, to redevelop the former Myanmar Export Import Enterprise building at the corner of Merchant and Mahabandoola Garden roads. The company planned to turn the building into a hotel, but more than a year later has not started work, leading MIC to announce yesterday that it has ended the contract.

“We have cancelled the tender. The Directorate of Investment and Company Administration’s tourism department will consider the next steps,” said MIC’s U Tin Tun Aung who is also a director at DICA.

The tender was one of four called in June 2012 to redevelop colonial-era buildings in Yangon. The other three were the former Myanmar Trading Corporation on Bo Sun Pat Street, the former Myanma Oil and Gas Enterprise on Merchant Road and the former Ministry of Hotels and Tourism on Sule Pagoda Road. All of the buildings are more than a century old and require extensive conservation work. Of the four projects, MIC found developers for just two – awarding the former Myanmar Trading Corporation building to Apple Tree Company.

Allowing private companies to renovate some of the city’s historic buildings into museums or hotels can help cover the cost of conservation and attract tourists to the city, he said.

Translation by Khant Lin Oo



Quoted from mmtimes.