The MIC allowed the company to operate on the former college grounds in accordance with the foreign investment law after reviewing its application during a meeting on January 30.
The land has been leased to the company under a Build, Operate and Transfer (BOT) contract to build a five-star hotel, a shopping mall, a business centre, and serviced apartments.
Adventure Myanmar Tours & Incentives Company is the second firm to invest in the compound of the former defence college after Shwe Taing Development was allowed to build an international standard hotel, a serviced apartment, and a shopping complex on 12.6 acres of land of the former National Defence College in August last year.
Shwe Taing Development Company will invest Ks 100 billion (US$101 million) on the project.
source: Eleven Myanmar
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