There has been a loss of over Ks8 billion as the affordable housing project on 96-acre land of Ywathagyi livestock zone (D) under the Livestock Breeding and Veterinary Department has been suspended for three years, according to a press conference.

The press conference, organized by 23 companies, took place at Orchid Hotel in Yangon on January 29. 

The agreement to implement the project was signed between Glory Heyday Services Co Ltd and the dissolved MICA (Myanmar International Cooperation Agency) in January 2016. 

According to the press conference, the State Counsellor has already instructed the ministry concerned to deal with the construction tasks after the dissolution of MICA. 

There are 23 related companies under Glory Heyday Services Co Ltd. Those companies are said to possess 25 percent shares. 

"The Ministry of Agriculture, Livestock and Irrigation permitted Glory Heyday Services Co to run the project. The company had to spend its own money. After the project completion, apartment units must be handed over to the ministry. After-sale of those apartments by installments, the money would be given to the company, which had to seek a Chinese loan. When the loan was not received, the project almost halted. Small companies like us had to build apartments after paying a deposit. Under such a situation, Glory Co didn't refund. We hold our press conference because the project was halted for three years," said U Than Myint, managing director of Kyel Sone Lin Co. 

Asia Ability Co-Director Kyi Soe said for their losses, they had opened a case against Glory Co at Botahtaung and Thingangyun police stations. 

The whole project includes 419 apartment buildings and the agreement first targeted 293. The 23 companies took charge of constructing 72 buildings at a cost of Ks68,163.94 million. Those buildings are almost completed. The companies said they had made a total loss of K87,317.34 million.