Rosewood Capital won the tender for this project and a memorandum of understanding with the Government of Myanmar is in preparation. The development will be on Daw Na Chan Street, Monywa Town, Sagaing Region Myanmar. This is located 136 km North West of Mandalay on the Eastern banks of the River Chindwin. The site had been owned by the Ministry of Commerce.
The five year project is scheduled to start in December and will include a 22 storey hotel and two condominiums each with 15 storeys. The hotel will come under the Build-Operate-Transfer Scheme, BOT. This is a facility provided by The Foreign Investment Law of 2012, which allows foreign investment and developers to build in Myanmar and retain 100% control with a lease for up to 70 years. (Please see our previous blogs and our Guide to Myanmar for further details on the scheme).
The condominiums will be built under a joint ownership scheme with The Government. The project will also include a shopping centre, swimming pool and a car park. The units will range from 111 sq. metres to 185 sq. metres. The structure will conform to Singapore Design. This relates to earthquake ground motion and the horizontal elastic response; suffice to say it is designed to take up to 6.5 on the Richter scale.
Previously, there was an announcement confirming Rosewood Capital was to build the Sabal Housing project with a budget of $17m in Monywa and also start road construction in the area.
There are flights into Monywa also train, car and bus routes and river transport as the river Chindwin is navigable for 640 km to Hkamti during the monsoon season and most of the year to Homalin.
This blog is part of our service to bring you news on the ongoing and very rapid growth in Myanmar, with information on developments and opportunities. We specifically take a wide angle view across the nation with also focus on the details when relating to legislation, taxation, compliance and our corporate support services, to provide you with the best available source of information and services.
Note: Monywa Town is in the area known as the dry zone of Central Burma West. Currently not frequented by high tourist volumes, the town and surrounding area has some unique sites worthy of note. The major attraction is the Thanboddhay Pagoda dating from 1303. Also in the area there is Phowintaung, which is a series of Buddhist caves.