Myanmar allots lands for national investment in new capital

The Myanmar government has allotted some land areas in the new capital of Nay Pyi Taw, inviting investment from local nationals to develop the capital city, according to an announcement of the Nay Pyi Taw City Development Committee Sunday.

The allotted land areas are designated to build new living quarters, shopping complexes, highway terminals and car workshops, the announcement said.

With regard to building living quarters, there involve 4,000 land plots allotted each for two new residential quarters, it said, adding that these quarters will also accommodate some social building infrastructures such as school, market, fire department, police station, clinic and sports ground and garden with electricity and water supply to be provided.

Concerning land plots allotted for building shopping complex, highway terminals and car workshops, the committee designates that owners shall run the business themselves and lease to others is banned, adding that the buildings will be confiscated if the business stops running.

On completion of all the buildings, 30 years of land lease will be granted which is not transferable within 10 years, the announcement said.

The committee also designates that applicants must be Myanmar nationals without links with people out of legal fold or the investors must be free from money laundering.

The government will make separate arrangement for allotting land plots for non-governmental organizations and legal associations, the committee added.

Myanmar has moved its administrative capital to Nay Pyi Taw from Yangon since November last year.

Source: Xinhua