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Myanmar private entrepreneurs project new satellite town in Mandalay

(Xinhua)

09:05, August 24, 2012

YANGON, Aug. 23 (Xinhua) -- Myanmar entrepreneurs are making a preparatory move to set up a new satellite town in the second largest city of Mandalay in the north, local media reported Thursday.

The Mandalay new satellite town to be set up on a land plot of 22,000 acres ( 8,910 hectares), is being projected by a public company for developing the satellite town, headed by President of the Cooperative Bank U Khin Maung Aye, the Biweekly Eleven News was quoted as saying.

So far, the public company has seen 3,000 prospective shareholders to join the project.

The project lying in Mandalay's Tada Oo township, 8.8 kilometers from the Mandalay International Airport, is seeking support of local residents who inhabit on the project area.

The project has prompted the rise of land prices in Tada Oo to 3.5 million to 30 million Kyats (4,022-34,482 U.S. dollars) per acre (0.405 hectare), the report added.

Rich with cultural heritage, Mandalay stands as the last royal capital of Myanmar.

With an area covering 113 square-kilometers, Mandalay has now become the country's economic and cultural hub in the northern part.

The city, located 716 km north of Yangon on the east bank of the Ayeyawaddy River, has a population of nearly 1 million and is also the capital of Mandalay Division.

Mandalay is the major trading and communications center for northern and central Myanmar.

Most of Myanmar's external trade to China and India goes through Mandalay.

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