South-Korean based Myanmar Wooree Company will work in cooperation with Myanmar's regional government to further develop the Yangon region. 

The industrial development project area is situated on the west bank of the Yangon River and close to the ongoing Yangon-Dala bridge project, a friendship bridge between Myanmar and South Korea. 

South Korea is one of the biggest foreign investors in Myanmar and the cooperation on large-scale development projects such as these will further promote Korean investors' confidence within the country, increasing FDI and trade volumes, says Colliers International.

It is believed that the bridge will benefit both the industrial area implemented by the South Korean company and bring economic development to the region. 

Colliers asserts that the creation of the bridge is fundamental to the success of the planned future developments of the government in the Dala area. 

With an ample amount of developable land and its proximity to Downtown, Colliers believes the connecting infrastructure will poise Dala to becoming the next central business district. 

The Southwest New Town project, which is part of the new urban development project, is being planned on the west of the Yangon River and south of the Panhlaing River. Encompassing approximately 15% of the Yangon region, the project is expected to create a surplus of job opportunities in the figure of around two million. 

In addition to the Southwest New Town, other towns are also being planned for Thilawa, Dagon East and Dala. 

The development is another project working towards housing solutions, particularly as Yangon's current population of 7.4 million is expected to increase to 10 million within the next decade. 

Sources: Xinhua, Colliers International Myanmar

This article was previously published on Mingalar Real Estate Conversation.

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