Myanmar News Updated
Highlight Myanmar News
YCDC Warns That Empty Industrial Zone Lots Will Be Reclaimed
01/10/2019
Author: Myo Sandar : A whopping 40 percent of lots in 29 of Yangon’s industrial zones do not have a project being developed, according to the latest data release by the government. The regional government is now urging the lot owners to implement their projects as soon as possible, or risk having ownership taken back.
“We have already informed them to start implementing their projects on their vacant lots. If not, we have plans to take the land back,” said U Than, Joint Secretary of Yangon City Development Committee (YCDC).
However, the above mentioned 40 percent include those with only fences and a warehouse, as well as projects under construction. The Yangon Regional Ministry of Electricity, Industry, and Transportation collected the data on the industrial zones in Yangon.
The exact areas of the vacant land plots is hard to get at the moment, U Than said, because there are different size lots ranging from a 100 sq. ft. area up to a 1 acre lot.
The Yangon Regional Government has handed the authority of land management to Yangon City Development Committee. From now on, the committee will monitor the progress on the allocated land plots in the industrial zones.
There is a bill pending at the Pyidaungsu Hluttaw regulating industrial zones, in which penalties will be levied on companies that do not implement the project on the allocated lands. The investors must start the project within six months and complete it in two years, or the committee will take the land back at 50 percent of actual price and re-sell to other investors, if they don’t implement in two years.