Investors in the cancelled Dagon City 1 will be given alternative sites instead: Director General of Myanmar Investment Commission (MIC)

Director General of Myanmar Investment Commission (MIC) U AungNaingOo said that investors in the cancelled Dagon City 1 Project will be given alternative sites instead.

“The announcement by the President also said that the investors shall be given alternative sites. Consequently these investors were told to look for other areas as an alternative. There is no time limit but this issue should be resolved by this year’s end,” U AungNaingOo said.

Three to four alternative sites have been proposed by investors but no decision has yet been taken, he said. These proposals are being studied whether there are any on-going projects at these places by the Ministries concerned, he added.

Yangon Regional Parliament Representative DawNyoNyo Thin said, “This project is a national level project. The Regional Government can argue that they are not involved but it was also asked to submit an opinion. They should have been more transparent.”

The Yangon City Development Committee (YCDC) said it had instructed MargaLandamark, the firm behind the project, to look for alternative sites, excluding privately owned plots inside its jurisdiction.

U AungNaingOo said that MIC would inform the respective ministries when it is informed of the location of these alternative areas.

The project was halted by the President after protests by CSOs and the public fearing it would harm the Shwedagon Pagoda.

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