YANGON, March 24 (Xinhua) -- Myanmar will carry out the Yangon new town project in the fiscal year 2017-18 to cope with rising population of the country's largest city.
The prospective Yangon New Town Project lies on 7,284 hectares opposite shore of Twanty, Kyimyindine and Seikyi Khanaungto townships on the other side of Yangon River, parliament sources said Friday.
The project will include a new special economic zone, the sources said. Low-cost housing project will also be implemented for those living in the squatters and those having difficulty in housing problem.
Currently, Yangon has a population of above seven million.
Details of the project are being submitted to the regional parliament for approval.
The project will be undertaken by public companies, with 51 percent of the investment coming from the regional government and 49 percent from construction business enterprises.
