Y Complex

Y Complex is a US$330 million real estate development in Yangon, Myanmar. It is being built on a plot measuring 3.95 acres (1.60 ha) owned by the Burmese military.[1] The complex is located near Shwedagon Pagoda, at the intersection of Shwedagon Pagoda Road and U Wisara Roads.[2] Y Complex will encompass 92,000 square metres (990,000 sq ft) of space, and house an office building, retail space, and a luxury Okura hotel.[3][2] The complex is being built on the former grounds of Jubilee Hall, Rangoon, a colonial-era landmark, and the Defence Services Museum.

Y Complex and Y Square
LocationYangon, Myanmar
Coordinates16.785271376443152°N 96.15260119088344°E / 16.785271376443152; 96.15260119088344
StatusUnder construction
Estimated completion2021
Websitewww.yc-ys.com.mm
Technical details
Size3.95 acres (1.60 ha)
Leasable area92,000 square metres (990,000 sq ft)

The project is being led by a Japanese-led consortium, including Fujita Corporation, Tokyo Tatemono and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development, in partnership with an affiliate of Ayeyar Hinthar, a local conglomerate.[4][2]

Controversies

The project has been the subject of significant controversy, particularly over the lack of civilian oversight and financial transparency on a US$2.18 million lease agreement between the Burmese military and the Yangon Technical and Trading Company, a subsidiary of Ayeyar Hinthar, which is a proxy of the Burmese military.[5][1] The funds from the lease agreement flow straight into the military's Quartermaster General's office, outside of civilian oversight.[1] Details of the lease agreement are shielded from Myanmar's Auditor-General.[6]

Ayeyar Hinthar did not respond to allegations of partnering with the Burmese military, while the Japanese investor, Tokyo Tatemono, issued a statement pledging to develop a corporate policy around human rights.[7]

Due to its proximity to the pagoda, its buildings will have a maximum height of 184 feet (56 m), to comply with the city's height restrictions for developments near the pagoda.[2]

See also

References
  1. "Japan-backed luxury hotel and office complex will enrich military, says rights group". Myanmar NOW. Retrieved 2020-05-23.
  2. "Mixed development project near Shwedagon Pagoda makes progress". The Myanmar Times. 2018-04-09. Retrieved 2021-01-20.
  3. "Former site of Yangon Military Museum Redevelopment Project(Y Complex Project)". Tatemono Asia. Retrieved 2021-01-20.
  4. "Mixed development project near Shwedagon Pagoda makes progress". The Myanmar Times. 2018-04-09. Retrieved 2020-06-06.
  5. "Military to Profit on Lucrative Land Deal". Justice For Myanmar. Retrieved 2020-06-06.
  6. "Junta-drafted law keeps auditor general from investigating military finances". Myanmar NOW. Retrieved 2021-01-20.
  7. "Tokyo Tatemono's response - Business & Human Rights Resource Centre". Business & Human Rights Resource Centre (in French). Retrieved 2021-01-20.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.