RANGOON — The Mingalar Market in the Muse Central Economic Zone at the Sino-Burmese border opened last week, with shop rental spaces commanding up to 1 billion kyats (US$770,000) per unit.
The 192-unit market, built on 15.5 acres of land, is the first phase of the Muse Central Economic Zone project, a joint venture between the Shan State government and New Star Light Co., which is being built over six phases near the Shweli River along Shan State’s northern border with China.
The shops will be leased out on 30-year terms, with rents ranging between 300 million kyats and 1 billion kyats for the three-decade period.
Shops are housed within a three-story compound and leases can be renewed twice, meaning a maximum lease length of 90 years. More than 60 percent of the shops have been leased out so far, according to a New Star Light official in charge of the sales.
More than 200 acres of lands were confiscated for the business district project and a compensation of 24 million kyats was given for each acre of land, Sai Kham Hein, one of the farmers whose land was confiscated, told The Irrawaddy.
Sai Myat Aung, a member of the Shan Literature and Culture Committee in Muse, told The Irrawaddy: “Farmers are not yet satisfied with the compensation they have been given. They want to claim more in compensation.”
Construction for the project began in 2013 and the entire project was originally scheduled to be completed last year.
The project’s first phase will also include offices, banks, an exhibition center and specialty shops for gems and jade, the Myanmar Times reported.
