The Urban Planning Department of the Yangon City Development Committee (YCDC) said it will begin the process of establishing Yangon’s second commercial centre later this year.
The commercial center is planned to accommodate office space for local and foreign businesses, shopping malls, retail centres and be a one-stop shopping outlet similar to the current one in downtown Yangon.
The project is slated to be built on a 36-acre area where the Myanmar Convention Center (MCC) is located on Mindama road in Mayangone township.
“People have to flock to downtown to access commercial buildings, offices and retail business and services, fuelling congestion and overcrowding downtown. We hope to alleviate the pressure by establishing another commercial zone,” U Toe Aung, director of the Urban Planning Department told Myanmar Business Today.
The new commercial center will bring about further development in the surrounding townships of Hlaing Tharyar, Shwe Pyi Thar and South and North Dagon, U Toe Aung added.
The project is anticipated to expand job opportunities, ease the public’s commute by providing an alternative commercial destination and reduce the time and cost of operating businesses.
“A project like this should have been implemented earlier. But we welcome it anyway. It just needs to be effectively implemented,” Daw Yi Yi Myint, an economic expert, told Myanmar Business Today.
The project, which does not include residential zones and manufacturing industries, is projected to take five years to be fully implemented.