The project covers 2.24 sq km (roughly 555 acres) of land near Nyaung Hnint Pin
Village in Yangon’s Hlegu township. In early 2016, stateowned Korea Land and Housing Corporation (LH) signed a memorandum of understanding (MOU) with the Ministry of Construction(MoC), and has claimed an investment of $120m in the project.
The own split gives 60% to LH Consortium, with the remaining 40% held by the Ministry of Construction, which will provide land and infrastructure for the project.
In July 2017, the two parties ratified a memorandum of agreement andpreliminary work reportedly began on the project. Under the terms of the MOA,the MOC will provide all external infrastructure for the zone including roads,electricity and water supply.
LH has prepared 90% of the required documents for MIC approval and plansto submit the documents in 2018. The company hopes to obtain the greenlight from the MIC soon after submission and expects it will take 6 months for the approval to be granted.
The land use plan includes 77% sellable land for light and medium industries, a portion for the government and approximately 10% for housing and vocational training centers. The developers are hoping to attract both global investors and will invite Korean companies from China or Vietnam to re-set up factories in the zone.