By Nyein Nyein
HONG Kong’s Goldman Fortune International Limited will put in more than US$350 million in the Mindama Complex project, said U That Sin Lwin, Director-General of the Directorate of Investment and Company Administration (DICA).
“The Mindama Complex project includes commercial shops, serviced apartments, shopping malls, villas, office buildings, condominiums, and hotels. It will be implemented under a BOT system on 20 acres of land held by the Commander-in-Chief (Army), on Mindama Street in Mayangon Township, Yangon Region,” he said.
The project will be implemented as a joint venture between Hong Kong’s Goldman Fortune International Company and Myanmar-based Fortune International Company.
“The Myanmar Investment Commission granted permission for this huge real estate development project after scrutinizing the necessary documents as per the Myanmar Investment Law,” U Thant Sin Lwin added.
“We issued the permit only after tight scrutiny. We have asked for permission from the related departments. Moreover, we will review possible social, environmental, and cultural impacts of the project. Earlier, the MIC did not issue approval to certain business proposals which could potentially affect the environment and cultural heritage,” said U Thant Sin Lwin.
Hong Kong topped in the list of investors in the first two months of the current financial year, pumping in over $1 billion into real estate development, electricity, and garment businesses, according to data from the DICA.
The total foreign direct investment stood at $1.39 billion as of 29 November in the current financial year. (Translated by Ei Myat Mon)
