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The Burmese government on Tuesday announced the cancellation of the multi-million-dollar Dagon City real estate projects due to public concerns about their proximity to Shwedagon Pagoda.
Signed into effect by union government Secretary-General Zaw Than Thin, the motion cited concerns about possible damage to the historic pagoda, which is located just a few hundred metres away.
The government promised to come to an agreement with the investors with regard to losses that will be incurred by the cancellation of the Dagon City 1 and Dagon City 2 developments, which were both in pre-construction phases.
Buddhist monk Ashin Parmoukha, a leading organiser of the Save the Shwedagon campaign, said he is satisfied with the government’s decision and expressed gratitude to those who assisted with the campaign.
Throughout the month of June, the campaign, led by conservative monk group the Association for Protection of Race and Religion, commonly referred to as the Ma-Ba-Tha, agitated for the projects’ suspension, on grounds that building work could damage the ancient temple’s foundations.
Situated on prime real estate at U Htaung Bo Circle, across from the city zoo and adjacent to Kandawgyi Lake, the development contracts were won in tender bidding by the following firms: Shwetaung Development Company; Adventure Myanmar Tours and Incentives Co Ltd; Thukha Yadana Company; and Marga Landmark Development Co Ltd, which is a joint-venture between Hong Kong, South Korean and British companies.
The US$300-million Dagon City 1 development was to include brand-name retailers, high-end offices, a five-star hotel, and luxury apartments.
See footage of Dagon City development shot from DVB drone HERE