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The site for Open Air Market and New Bogyoke Market seen in September 26 late afternoon
(Photo:EMG/Aung Myo Thant)
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The Myanmar government has
approved Ks 425 billion (US$ 438 million) to be used for three
construction projects in Yangon, sources say.
The projects will be implemented over
three years, with half of the profits from each project to be shared
with Yangon City Development Committee (YCDC).
Shwe Taung Junction City Development Co
Ltd will invest Ks200 billion in the joint-venture project with YCDC at
open-air Bogyoke Market in Yangon.
Meanwhile, Asia Myanmar Consortium
Development Co Ltd will invest Ks125 billion in the construction of the
Theinbyu Driving Practice Ground on Kandawgyi Road.
Crown Advanced Construction Co Ltd will
set up a construction project worth Ks100 billion at the former location
of Hanthawady Car Dealer’s Centre.
The total investment for the three
companies is equal to one-fifth of the total income earned by the
Internal Revenue Department during the fiscal year of 2012-13.
At Bogyoke Market, Shwe Taung Co will
build a 32-storey hotel, a 28-storey office-tower, a 34-storey
residential twin tower, and shopping malls. The first phase of the
project will be completed in three years.
Profit sharing between Shwe Taung and
YCDC will be set at a ratio of 48.37 percent to 51.63 percent. For the
construction project at Hanthawady Car Dealer’s Centre, Crown Advanced
will take 48 percent of the benefit while YCDC will take 52 percent. For
the construction of Kanthayar Consortium Tower on Theinbyu Driving
Practice Ground, Asia Myanmar Consortium and YCDC have agreed to share
the profit equally.
A few months ago, Shwe Taung Co was
given 8.84 acres from the 12.60-acre land of the old defence services
academy complex near the Shwedagon Pagoda, in the heart of Yangon. Shwe
Taung Co has planned to carry out a construction project there worth
Ks100 billion. Hence, the company has planned to invest more than $300
million in the two projects.
Shwe Taung and other companies are
investing a large sum of money in the construction of hotels and
commercial buildings in Myanmar. Local people have raised the question
of whether or not such investments are tax-paid.
A taxation supervisory board has already
been formed to enforce tax regulation and to punish tax-dodgers in
accordance with the law. Some legislators are calling for an
investigation by an unbiased organisation to probe whether the companies
pay taxes for such investments, and to ensure that these are beneficial
to the country and the people.
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From Eleven Media Group
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