Ministry of Hotels and Tourism (MOHT) invited tender application for Karaweik Palace

Ministry of Hotels and Tourism has invited tender applications for iconic Karawaike Palace and 3.5 acres of land in Kandawgyi Lake in Yangon.

The Karaweik Palace and the land were leased to Zakabar Company Limited in 1999 for 20 years. The palace’s rental agreement is set to end in August 2020. Thus, the ministry is looking for bidders.

Any interested investors can submit the application until July 8, according to the tender invitation published in the state-owned media.

Zakabar Company Limited holds the permit to operate Kandawgyi Park, which encompasses Karaweik Palance and its land, at the annual rental fee of K30 million, which Yangon Regional Auditor General’s 2014-2015 fiscal year report pointed out being too low. Then, the rental fee was doubled to K60 million per year in 2015.

Since the company has not failed to pay the annual fees for the palace, it is also eligible to bid in the tender. However, the company claimed that paragraph 7 of the contract allows the company to seek a five-year extension of the rent for two times.

Designed by the renowned architect U Ngwe Hlaing, in the style of a royal barge, the design includes the traditional Pann Sel Myo, the ten flower arts and crafts of Myanmar. The unique Karaweik mythical bird design has attracted visitors to its culture show and restaurant from near and far since its opening in June 1974.

(Myanmar Business Today: https://mmbiztoday.com/ministry-invites-tender-application-for-karaweik-palace/ )

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