The 1.48 acre land owned by Myanmar Pharmaceutical Industries under the Ministry of Industry has been rent out to NSKRE (Nippon Steel Kowa Real Estate) Residence (Myanmar) Co., Ltd for 50 years, according to a statement by the Ministry of Industry.
On October 6, Ministry of Industry signed a contract with NSKRE Residence. Under a BOT system, the company will build a 12-storied service apartments building.
At the contract signing ceremony, Khin Maung Cho, Union Minister for Industry said it has got the green light from the economic committee of the Union government and the Myanmar Investment Commission.
Thanks to it, an international-standard high-rise building will emerge. The government will earn land use premium, annual rentals and other tax revenues. The project will help support the regional development partly, he added.
The project is located in Tamwelay ward in Yangon. After the expiry of 50-year rental period, the company will have to handover the building to the MPF. The 12-stroyed service apartment covers fitness center, mini mart, restaurant, business apartments and parking lots. It will comprise of 230 apartments.
