With plots of land in the Thilawa Special Economic Zone (SEZ) set to be developed into condominiums, joint ventures will be invited to make investments in the construction sites, said Dr. Nyan Thit Hlaing, a director from Myanmar Thilawa SEZ Holdings Public Co., Ltd.
The areas of land set aside for the project are designated as a residential zone located next to Thilawa zone A.
The residential zone comprises 80 acres of land. Condominiums will be developed on nine acres of land. Interested businessmen can invest in all or part of these nine acres of land, Dr. Nyan Thit Hlaing said.
The joint ventures for the construction of condominiums will not share by splitting the developed apartments but have to share a percentage of the income and expenses based on their percentage of contribution to the joint venture.
Additionally, the constructions are limited not to exceed more than 12 floors. However, the storey restriction can be relaxed on the basis of the project proposal of the entrepreneurs.
This condominium is slated to accommodate 600 rooms. The hotels, petrol stations, shopping centres and banks are also planned in the residential zone project.