“A grant of land is not a deed of sale.”
ISSUING a grant of land is not signing a deed of sale. We have not sold the plot of land at the corner of Bogyoke Aung San Street and Phonegyi Street to Singapore-based Parkway Hospital Group, which has formed a joint venture with Myanmar nationals with an ownership ratio of 67.5 per cent versus 32.5 per cent, said U Aung Naing Oo, the secretary of Myanmar Investment Commission (MIC), in his refutation of the rumours spreading widely that the government has sold out the 4.4-acre plot of land to foreign entrepreneurs.
We’ve rented this plot of land to this joint venture for 50 years. Upon termination of the 50-year contract, the government will get back not only the land but also all the buildings constructed on it. We get the money as rent. When we considered the project proposal, we’ve not only taken into account the rents but also other important social, health and education factors, he continued.
Because we will have a world class hospital, our people will no longer need to go to another country to undergo medical treatment or medical check-ups. We can have this joint venture to conduct training courses for our physicians, surgeons, nurses and medical technicians as agreed in the contract signed. This is a good chance of technology import and technical assistance at least. And as this plot of land is located close to Yangon General Hospital, University of Nursing and other privately owned hospitals and clinics, it is quite convenient to provide mutual assistance and to co-operate closely, explained U Aung Naing Oo at great length.
Buyers of Dagon City Housing Estate needn’t worry about their apartments Those who have bought apartments at the Dagon City Housing Estate under an advanced payment system need not worry about losses as all four construction companies will be compensated by granting them plots of land as replacement, said the Myanmar News Agency, quoting the secretary of Myanmar Investment Commission (MIC) who it exclusively interviewed yesterday.
According to U Aung Naing Oo, the secretary of MIC, Marga Land Mart has already been granted more than 17.7 acres of land at the corner of Kaba Aye Pagoda Road and Thitsar Street. This area of land is more than half of 33 acre land belonging to the Ministry of Science and Technology.
The remaining three developers will also be granted plots of land as a replacement for the land granted to them at the foot of Shwedagon Pagoda to compensate their losses occurred in the suspension of the Dagon City Project to ensure the sustainability of Singuttara Hill on which Shwedagon Pagoda was built.
U Aung Naing Oo justified the granting of new plots of land as a replacement by saying that those who suffer are the citizens who have purchased the apartments under the advanced payment system. However, he guaranteed that MIC has taken all necessary measures to ensure no evil consequences will arise from the granting of new plots of land to the developers.— Myanmar News Agency