Myanmar doubles down on Belt and Road project
The Myanmar government has renewed its commitment to developing a controversial Belt and Road project, The Irrawaddy reported.
New Yangon City will develop a 20,000-acre (8,000 hectares) parcel across the Yangon River into a modern urban hub with the help of China Communications Construction Company (CCCC).
The government-run New Yangon Development Company (NYDC) had signed a framework agreement with the Hong Kong-listed company last year for the USD1.5-billion initial phase of the project, which includes a 10-square-kilometre industrial estate.
Although CCCC has been embroiled in contentious projects abroad, NYDC officials reiterated the Chinese firm’s breadth of experience and capabilities, having spearheaded such major infrastructure projects as the Hong Kong-Macau bridge and the Beijing-Shanghai high-speed railway.
“NYDC has chosen CCCC to sign a framework agreement because the company was considered to be the most qualified,” Daw Myat Hsu Hlaing, NYDC’s development and communication associate, told The Irrawaddy.
Formed by the Yangon regional government in March, the NYDC signed the contract with CCCC the month thereafter, without a prior call for tender.
“CCC shareholders include multiple international institutional investors. CCCC comes with financial clout,” NYDC CEO Serge Pun said in a statement.
“Why would we not want to work with one of the largest and more experienced companies in the global infrastructure industry space?”
Recommended
6 reasons Bekasi is rising as Greater Jakarta’s next hotspot
One of Greater Jakarta’s rising stars is prospering, thanks to ample recreation and a contingent of desirable housing projects
6 developments driving Asia’s green real estate shift
Developers are being incentivised to push a green agenda into daring new realms
The Philippines’ LIMA Estate drives sustainable industrial growth
LIMA Estate models a citywide vision that uplifts workers while appealing to climate-conscious employers
Malaysia property market rebounds with foreign interest and growth
The nation’s property market is stirring to life, fuelled by foreign buyers and major infrastructure drives