40% of property sold at controversial new city project in Gwa Twsp

By DMG 08 Jun 2022

DMG Newsroom
8 June 2022, Gwa 

Forty percent of property on sale at Shwe Yai new city project between Shwe Ya Kyaing, Ma Kyay Ngu and Chan Thar villages near Gwa Township, Arakan State, has been sold, according to Property Link Co, the organiser of the property expo for the project. 

A senior leader of the Arakan Army (AA),  Major Aye Tun aka Tun Min Naing, has warned on his Facebook page against buying property at the new city project. 

The project will include a hilltop golf course, an international-standard hotel, a clubhouse and swimming pools, said developer Steel Stone Group, which touts the project as the first and biggest waterfront new city project. 

The Steel Stone Group is developing the project on its own land. The project, which covers 140 acres, is divided into 10 zones. Zone C, covering more than 30 acres, will be the biggest residential zone of the project, with sea-view and hill-view properties. 

The developer said it has also developed a long-term corporate social responsibility plan for the project, and has designed environmental and ecological conservation plans. 

Land plots at the project were put on sale at an expo held in Yangon in May. Some 160 of 400 land plots have been sold, according to the manager of Property Link Co. 

The senior AA leader Major Aye Tun wrote on his Facebook on May 17: “I urged Bamar people to have political awareness. [Cronies] are selling land plots for fear that they will lose their monopolised land as the ULA/AA is growing in influence. Cronies are eyeing the money that ordinary Bamar people have saved through their hard work. They will trick and exploit you as much as opportunities allow them. They are selling off land plots grabbed by the [military-owned] Myanmar Economic Holdings under military rule. Don’t buy them. I am concerned that you will lose your savings when political changes happen.” 

On May 22, managing director of Steel Stone Group of Companies, Ko Htet Aung Lin, wrote on the Facebook page of Steel Stone Group of Companies that those lands were bought by his father, and the company would give back the money as well as compensation if the project is cancelled or is not completed on schedule. 

“Those lands were bought legally some 10 years ago. Anyone can check at the company, and ask Gwa residents. Our company was established in 1995, and all the projects we have implemented were successful,” he wrote. 

“We have sought approval from the Arakan State government for the project and are acting in line with the guidelines of the Ministry of Hotels and Tourism,” he added. 

An official from the Directorate of Hotels and Tourism in Arakan State said the directorate approved construction of a three-storey hotel with 58 rooms on 18.1 acres of land in Ma Kyay Ngu village-tract, Gwa Township, on May 22. 

“They sought approval for hotel construction. We made an inspection and approved it. But we don’t know about the residential housing project,” said the official. 

Commerce Minister U San Shwe Maung of the regime’s Arakan State Administration Council said he had no knowledge of the project. 

According to Steel Stone Group of Companies, the conglomerate was established in 1995 and has 10 subsidiaries: Steel Stone Co. Ltd; Steel Stone Construction Co. Ltd; Steel Stone Trading Co. Ltd; Steel Stone Jewelry Co. Ltd; Su Akari Production Co. Ltd; Su Akari Construction Co. Ltd; Lin Ngwe Yaung Production Co. Ltd; Lin Ngwe Yaung Construction Co. Ltd; Vital Trading Co. Ltd; and Vital Service Co. Ltd.