• Burmese
Saturday, July 19, 2025
No Result
View All Result
NEWSLETTER
The Irrawaddy
26 °c
Yangon
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Business
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Junta Watch
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Books
  • Donation
No Result
View All Result
The Irrawaddy
No Result
View All Result
Home Business

Foreign Developer Proposes 7,000-Acre Project in Sittwe

Moe Myint by Moe Myint
June 27, 2019
in Business
Reading Time: 3 mins read
0 0
A A
A computer-generated image of the proposed project to be located near Sittwe, Rakhine State. / Myanmar Insights / Facebook

A computer-generated image of the proposed project to be located near Sittwe, Rakhine State. / Myanmar Insights / Facebook

8.9k
VIEWS
Share on FacebookShare on Twitter

YANGON—Foreign developer Gold Coast KTMG Myanmar has proposed a US$38 billion “new city” project in the suburbs of Sittwe, Rakhine State’s capital.

Sittwe is near eight townships in northern Rakhine currently affected by armed clashes.

A KTMG delegation met with U San Kyaw Hla, the speaker of the Rakhine State parliament, and a group of Arakanese lawmakers and military representatives on Tuesday.

RelatedPosts

Rakhine Fighters Close In on Myanmar Junta’s Naval Base

Rakhine Fighters Close In on Myanmar Junta’s Naval Base

July 16, 2025
2.2k
Myanmar People Skeptical of Junta’s Promises of Election, Peace

Myanmar People Skeptical of Junta’s Promises of Election, Peace

July 7, 2025
1.2k
Myanmar Junta Starves Last Rakhine Strongholds as AA Closes In

Myanmar Junta Starves Last Rakhine Strongholds as AA Closes In

July 7, 2025
10.2k

According to the speaker, the KTMG representatives laid out their proposal for a development project on 7,000 acres of land.

He said KTMG initially selected a project location near Kyae Taw and Shwe Min Gan villages across the Sakro Keya creek from Sittwe. U San Kyaw Hla said the officials they were told the company expects the project to cost about $38 billion. He said the project still needed to be cleared by the Union government, in line with foreign investment procedures.

U Htoo Min Thein, director of Rakhine State’s Directorate of Investment and Company Administration (DICA) told The Irrawaddy on Thursday that a delegation led by KTMG official Yeap Poh Hooi mentioned the estimated budget size at $38 billion. The company is officially registered with DICA as a Malaysia-based foreign firm, but it remains unclear which foreign conglomerate is behind them, he said.

U San Kyaw Hla said the biggest obstacle facing the company could be obtaining the right to use the land, as thousands of land plots and farms in the area belong to villagers. He explained that the price of real estate including farmland in the area is skyrocketing, both for prime locations in the city and on the outskirts of Sittwe. Company officials told lawmakers they planned to purchase the land from local residents at current market prices.

U San Kyaw Hla said, “To find 7,000 acres of land for the project seems impossible, especially in Sittwe.”

According to a Rakhine parliament online news page, the project is to be called Sittwe Myanmar City 2030. According to KTMG, U San Kyaw Hla said the company will act as a real estate agent to facilitate the land utilization process and invite interested developers from all over the world to participate.

U Kyaw Aye Thein, Rakhine State’s minister for revenue, planning and economy, confirmed that KTMG representatives traveled to Rakhine to meet with state cabinet members. He described the project as “very big”, comprising light and heavy industries, housing, factories, a hotel zone, theme park and an oil and gas jetty.

Some observers pointed to the risk of doing business in the conflict-affected town and in northern Rakhine. Last week, two soldiers were killed when Arakan Army (AA) rebels attacked a Myanmar Navy tugboat docked in Sittwe’s Sakro Keya creek with rockets.

Since December 2018, the military and AA rebels have been fighting in eight townships in Rakhine. The clashes have so far displaced 40,000 locals, and rights groups accuse the military of committing abuses against civilians.

This foreign infrastructure investment project is the second proposed for Sittwe in recent years. In 2017, South Korean firm BXT Internal and the Rakhine State government jointly implemented a $10 million land reclamation project, adding 90 acres of seaside land next to the Sittwe jetty.

Correction: A previous version of this article incorrectly spelled the company’s name as Gold Coast KPMG when, in fact, the correct name is Gold Coast KTMG.

This story updates one published on Wednesday with a quote and information from the director of the Rakhine State DICA office.

You may also like these stories:

World Bank Puts Myanmar’s Power Investment Needs at $2B a Year

New Chinese Ambassador Vows to Seek ‘Practical Cooperation’ with Myanmar on BRI Projects

Even as Trade Sanctions Loom, EU Envoy Upbeat on Investment in Myanmar

Toyota to Open Yangon Auto Plant

Your Thoughts …
Tags: AAConflictDevelopmentInvestmentSittweTatmadaw
Moe Myint

Moe Myint

The Irrawaddy

Similar Picks:

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption
Burma

General Close to Myanmar Junta Boss Placed Under House Arrest, Interrogated for Corruption

by The Irrawaddy
September 14, 2023
28.7k

The arrest of ‘kickback king’ Lt-Gen Moe Myint Tun, once seen as a possible successor to Min Aung Hlaing, comes...

Read moreDetails
Myanmar Junta Arrests Thai Condo Buyers, Realtors as Currency Crashes
Business

Myanmar Junta Arrests Thai Condo Buyers, Realtors as Currency Crashes

by The Irrawaddy
June 4, 2024
27.7k

Monday’s arrests follow reports that Myanmar has become one of Thailand’s most lucrative markets for selling condos since the 2021...

Read moreDetails
Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip
Business

Planeload of Cronies Accompany Myanmar Junta Boss on Russia Trip

by Hein Htoo Zan
March 7, 2025
11.8k

Regime-linked businessmen are set to cash in on deals flowing from the 10 agreements signed between Russia and the Myanmar...

Read moreDetails
More Myanmar Junta Bases Fall in Shan Fighting: MNDAA
Burma

More Myanmar Junta Bases Fall in Shan Fighting: MNDAA

by Hein Htoo Zan
November 11, 2023
11.6k

The Myanmar National Democratic Alliance Army says it continues to topple regime outposts in the Kokang zone on the Chinese...

Read moreDetails
Myanmar’s Strongest Armed Ethnic Alliance is Faltering
Guest Column

Myanmar’s Strongest Armed Ethnic Alliance is Faltering

by Joe Kumbun
July 4, 2025
10.6k

Chinese meddling and internecine squabbles threaten the existence of the Federal Political Negotiation and Consultative Committee, an alliance of Shan...

Read moreDetails
Myanmar Junta Rounding Up Civilians in Rakhine Capital as it Braces for Attack
Burma

Myanmar Junta Rounding Up Civilians in Rakhine Capital as it Braces for Attack

by Brian Wei
May 29, 2024
10.4k

Troops in Sittwe have arrested hundreds of residents whose registration cards were issued in areas controlled by the Arakan Army,...

Read moreDetails
Load More
Next Post
--

Yangon Timeout

Representatives of Dagon International Co. and JFE Engineering Corporation sign an MOU on June 25 to develop an industrial zone in Yangon. / U Phyo Min Thein / Facebook

Japanese Firm to Help Build Industrial Zone for Agricultural Goods in Yangon

No Result
View All Result

Recommended

What the ‘Snake Charmer’ Analogy Gets Wrong About Myanmar

What the ‘Snake Charmer’ Analogy Gets Wrong About Myanmar

4 days ago
1.5k
Chinese Investment Reshapes Myanmar’s N. Shan as MNDAA Consolidates Power

Chinese Investment Reshapes Myanmar’s N. Shan as MNDAA Consolidates Power

1 week ago
3.5k

Most Read

  • Myanmar Junta Airstrikes Protecting Irrawaddy Flotilla Kill 20

    Myanmar Junta Airstrikes Protecting Irrawaddy Flotilla Kill 20

    shares
    Share 0 Tweet 0
  • More Than 20,000 Displaced As Myanmar Junta Burns Homes Around World Heritage Site

    shares
    Share 0 Tweet 0
  • Myanmar Crisis Spells Opportunity for U.S.-India Cooperation

    shares
    Share 0 Tweet 0
  • Myanmar Junta’s Recapture of Nawnghkio Shows Strategic Missteps by TNLA

    shares
    Share 0 Tweet 0
  • Myanmar Junta Using Conscripts as Cannon Fodder, Defectors Say

    shares
    Share 0 Tweet 0

Newsletter

Get The Irrawaddy’s latest news, analyses and opinion pieces on Myanmar in your inbox.

Subscribe here for daily updates.

Contents

  • News
  • Politics
  • War Against the Junta
  • Myanmar’s Crisis & the World
  • Conflicts In Numbers
  • Junta Crony
  • Ethnic Issues
  • Asia
  • World
  • Business
  • Economy
  • Election 2020
  • Elections in History
  • Cartoons
  • Features
  • Opinion
  • Editorial
  • Commentary
  • Guest Column
  • Analysis
  • Letters
  • In Person
  • Interview
  • Profile
  • Dateline
  • Specials
  • Myanmar Diary
  • Women & Gender
  • Places in History
  • On This Day
  • From the Archive
  • Myanmar & COVID-19
  • Intelligence
  • Myanmar-China Watch
  • Lifestyle
  • Travel
  • Food
  • Fashion & Design
  • Videos
  • Photos
  • Photo Essay
  • Donation

About The Irrawaddy

Founded in 1993 by a group of Myanmar journalists living in exile in Thailand, The Irrawaddy is a leading source of reliable news, information, and analysis on Burma/Myanmar and the Southeast Asian region. From its inception, The Irrawaddy has been an independent news media group, unaffiliated with any political party, organization or government. We believe that media must be free and independent and we strive to preserve press freedom.

  • Copyright
  • Code of Ethics
  • Privacy Policy
  • Team
  • About Us
  • Careers
  • Contact
  • Burmese

© 2023 Irrawaddy Publishing Group. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Burma
    • Politics
    • World
    • Asia
    • Myanmar’s Crisis & the World
    • Ethnic Issues
    • War Against the Junta
    • Junta Cronies
    • Conflicts In Numbers
    • Junta Watch
    • Fact Check
    • Investigation
    • Myanmar-China Watch
    • Obituaries
  • Politics
  • Opinion
    • Commentary
    • Guest Column
    • Analysis
    • Editorial
    • Stories That Shaped Us
    • Letters
  • Ethnic Issues
  • War Against the Junta
  • In Person
    • Interview
    • Profile
  • Business
    • Economy
    • Business Roundup
  • Books
  • Donation

© 2023 Irrawaddy Publishing Group. All Rights Reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.