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Published on Thursday, 03 January 2013 17:38
Construction giants Shwe Taung Development Company and IGE Company have been granted permission to build two low-cost housing projects in the outskirts of Yangon, a source from the Ministry of Construction said.
The housing projects, namely Ayeyarwun and Yadana, will be built over 220 acres of land in Dagon Seikkan Township, said the Department of Human Settlement and Housing Development (DHSHD), which is under the ministry.
Expected to be completed in three years, the two housing projects will be built at the corner of Ayeyarwun Road and Yadana Road, with over 17,000 units. Ayeyarwun project lies on 120 acres of land while the Yadana project will be built on 100 acres.
Shwe Taung Development Company and IGE Company will build these two housing projects separately in cooperation with the DHSHD, but it has not been revealed which company will build which housing project.
Although the projects have been termed 'low-housing projects', each unit is set over 10 million kyats (US$11,400) and can be bought on a 10 to 30 years’ installment plan.
Soe Tint, deputy minister of construction, announced last week that 64 buildings, each 18-storey high, will be built at the two housing projects.
Modelled after the housing projects in Singapore, new technology will be used in the construction of projects to reduce the cost, said the minister.
The companies have started making soil testing at the project sites.
Both Shwe Taung and IGE companies are the best-connected companies in Myanmar which have been granted many projects by the government.
Shwe Taung Company recently received permission to build a 34-storey building at the corner of Bogyoke Aung San Road and Shwedagon Pagoda Road in downtown Yangon.
IGE Company has also been granted many projects including energy, banking, insurance, and construction.