The Myanmar Investment Commission said last week the relocation of five cancelled real estate developments planned near the Shwedagon Pagoda will be finalised by the end of the year.
MIC secretary U Aung Naing Oo said investors would be given other plots in Yangon as compensation for the government’s July decision to cancel the projects, the Irrawaddy reported on August 31.
It said officials were demanding that the developers find suitable sites through negotiations with government departments that own land in many of the city’s prime locations.
The five developments, including the US$300 million Dagon City 1 luxury condominium, were cancelled the day after monks threatened to hold nationwide protests against the projects.
A government statement on July 7 said the projects were being cancelled to avoid damage to “religious edifices and cultural heritages [sic], including the Shwedagon Pagoda”, state media reported at the time.