• Burmese
Tuesday, July 8, 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

Shwe Taung Company’s $150-Mln Real Estate Project Yet to Start

Kyaw Hsu Mon by Kyaw Hsu Mon
December 9, 2013
in Uncategorized
Reading Time: 2 mins read
0 0
A A
Shwe Taung Company’s $150-Mln Real Estate Project Yet to Start
12.2k
VIEWS
Share on FacebookShare on Twitter

RANGOON — Aik Htun, chairman of Shwe Taung Group of companies, said his firm has yet to break ground on a planned US $150-million real estate project located at former military offices near Shwedagon Pagoda in central Rangoon, despite earlier announcements that construction would begin this year.

In 2011, Shwe Taung Group was awarded a 70-year-lease of the coveted 12-acre premises, located south of the landmark temple between Shwedagon Pagoda Road and Ahlan Pya Pagoda Road.

Aik Htun announced he would work with a Singaporean project developer to construct a luxury hotel, an Asia Royal Private Hospital, serviced apartments and a small shopping center. In April, he told local media that construction would start this year and that the first building would be completed by 2015.

RelatedPosts

Myanmar Junta Trains Staff on Electronic Voting Machines Across the Country

Myanmar Junta Trains Staff on Electronic Voting Machines Across the Country

July 8, 2025
64
Chin Resistance Tensions Boil Over as CNA Seizes Rival’s Myanmar HQ

Chin Resistance Tensions Boil Over as CNA Seizes Rival’s Myanmar HQ

July 8, 2025
441
China’s Surveillance State Watches Everyone, Everywhere

China’s Surveillance State Watches Everyone, Everywhere

July 8, 2025
253

The well-connected tycoon told The Irrawaddy, however, that so far construction had not yet begun.

“Though I aimed to start this year, it has still not yet begun until now,” Aik Htun said in a brief comment during a break at the Women’s Forum in Rangoon on Friday.

Located in leafy environs and surrounded by a crumbling red-brick wall, the area served as the War Office of the British Army after it reconquered Rangoon from Japanese troops in 1942. Later, it was used by the Burma Army.

The premises was sold off as part of a massive privatization drive in 2010-2011 that saw businessmen snap up numerous government buildings, state-owned companies and 250 gas stations, often at bargain prices that raised suspicions of government corruption.

According to zoning rules of the Yangon City Development Committee, buildings constructed in the vicinity of Shwedagon Pagoda will be restricted to 78 feet, while in nearby areas towards downtown buildings must be lower than 190 feet.

Shwe Taung conglomerate has interests in real estate, construction and engineering, and owns a cement factory. The firm was known as Olympic Construction Company until 2004 when it changed its name following a banking scandal at Asia Wealth Bank. The US Treasury accused the bank of money laundering and having connections to the Shan State drug trade.

Aik Htun was director of Asia Wealth Bank, Burma’s biggest private bank until its shutdown. He built up his conglomerate through cutting deals with the former military regime. A US Embassy cable from 2007, said, “Aik Htun enjoys the regime’s confidence, and benefits handsomely from its business.”

His construction firms have built numerous housing complexes, shopping malls, schools and medical facilities in Rangoon and Naypyidaw. Currently, his firm is building an annex to Shangri-La’s Traders Hotel on Sule Pagoda Road in downtown Rangoon.

In September, Aik Htun told The Bangkok Post that he plans to invest $500 million property development in Burma in the next five years, and he called for Thai firms to partner with him.

Following the economic reforms introduced by President Thein Sein, Rangoon has experienced a property market boom and numerous buildings have been planned around Burma’s biggest city.

Your Thoughts …
Kyaw Hsu Mon

Kyaw Hsu Mon

The Irrawaddy

Similar Picks:

Exodus: Tens of Thousands Flee as Myanmar Junta Troops Face Last Stand in Kokang
Burma

Exodus: Tens of Thousands Flee as Myanmar Junta Troops Face Last Stand in Kokang

by Hein Htoo Zan
November 28, 2023
98.5k

Myanmar National Democratic Alliance Army troops are opening roads and pathways through forests for people to flee Kokang’s capital as...

Read moreDetails
Burning Alive in Myanmar: Two Resistance Fighters Executed in Public
Burma

Burning Alive in Myanmar: Two Resistance Fighters Executed in Public

by The Irrawaddy
February 7, 2024
89.8k

People’s Defense Force says junta troops told every household in the village to send one member to witness the double...

Read moreDetails
Another Entire Junta Battalion Raises the White Flag in Myanmar’s Northern Shan State
War Against the Junta

Another Entire Junta Battalion Raises the White Flag in Myanmar’s Northern Shan State

by The Irrawaddy
November 29, 2023
87.1k

Brotherhood Alliance member says it now has complete control of Kokang’s northernmost section after the junta’s Light Infantry Battalion 125...

Read moreDetails
Depleted Myanmar Military Urges Deserters to Return to Barracks
Burma

Depleted Myanmar Military Urges Deserters to Return to Barracks

by The Irrawaddy
December 4, 2023
59k

The junta said deserters would not be punished for minor crimes, highlighting the military’s shortage of troops as resistance offensives...

Read moreDetails
As Myanmar’s Military Stumbles, a Top General’s Dissapearance Fuels Intrigue
Burma

As Myanmar’s Military Stumbles, a Top General’s Dissapearance Fuels Intrigue

by The Irrawaddy
April 19, 2024
46.9k

The junta’s No. 2 has not been seen in public since April 3, sparking rumors that he was either gravely...

Read moreDetails
Enter the Dragon, Exit the Junta: Myanmar’s Brotherhood Alliance makes Chinese New Year Vow
Burma

Enter the Dragon, Exit the Junta: Myanmar’s Brotherhood Alliance makes Chinese New Year Vow

by The Irrawaddy
February 12, 2024
44.7k

Ethnic armed grouping says it will continue Operation 1027 offensive until goal of ousting the junta is achieved. 

Read moreDetails
Load More
Next Post
Intellectual Property Group to Be Formed Ahead of Expected Law

Intellectual Property Group to Be Formed Ahead of Expected Law

What Burma Should Learn From Nelson Mandela

What Burma Should Learn From Nelson Mandela

No Result
View All Result

Recommended

Myanmar Regime Leader Rejects World Bank Economic Forecast as Inaccurate

Myanmar Regime Leader Rejects World Bank Economic Forecast as Inaccurate

5 days ago
1.5k
From Foreign Policy Drift to Diplomatic Freefall in Myanmar

From Foreign Policy Drift to Diplomatic Freefall in Myanmar

1 week ago
2.2k

Most Read

  • Myanmar Junta Starves Last Rakhine Strongholds as AA Closes In

    Myanmar Junta Starves Last Rakhine Strongholds as AA Closes In

    shares
    Share 0 Tweet 0
  • Timor-Leste Hits Back at Myanmar Junta’s Objection to ASEAN Membership

    shares
    Share 0 Tweet 0
  • TNLA Defies Myanmar Junta Push to Cede Shan Towns in China Talks  

    shares
    Share 0 Tweet 0
  • Myanmar People Skeptical of Junta’s Promises of Election, Peace

    shares
    Share 0 Tweet 0
  • Chin Resistance Tensions Boil Over as CNA Seizes Rival’s Myanmar HQ

    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.