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Description |
The Project is a landmark urban renewal, district cooling and heritage restoration project in central Yangon, comprising a district cooling plant and network (DC Plant), nearly 2 million square foot of hotel, retail, office and residential space across four 26- story towers and the preservation of a historical Victorian building, the former headquarters of the British Burma Railway Company. This grand heritage building, called The Old Lady , was built in 1877. The Project will be an anchor development, forming a central part of the business infrastructure of Yangon. ADB s loan will be dedicated to fund the DC Plant, which will be the first energy efficient district cooling system in Myanmar. The DC Plant will have a capacity of [8] MW and will provide sustainable, efficient, reliable, and essential cooling to the district. The DC Plant will generate cool water and distribute it through a network of piping systems to individual buildings of the Project. Construction of the DC Plant will be in tandem with the Project which is expected to commence in 1Q 2014 with schedule completion in 2 phases over 4 years. |
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Objectives and Scope |
The project will increase business and tourism, while preserving and protecting Myanmar's heritage. The project will help alleviate the acute supply shortage in the city, stimulate tourism and commercial activity, and promote energy efficiency. The district cooling plant will generate cool water and distribute it through a network of piping systems to individual buildings in the district. |
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Linkage to Country/Regional Strategy |
ADB assistance for the project is aligned with Strategy 2020 which supports environmentally sustainable, private sector-assisted development in meeting growing energy demand in the region and in addressing critical infrastructure shortages. The assistance is also aligned with the interim country partnership strategy, 2012 - 2014 as it supports environmentally sustainable development by integrating environmental considerations into projects for promoting green and climate resilient growth. The interim strategy also aims to accelerate economic growth; create income opportunities; and create a supportive environment for the private sector, in particular small and medium-sized enterprises.
The project is consistent with ADB's Energy Policy and Urban Operational Plan 2012 - 2020; both emphasize environmental sustainability and private sector participation, including specific investments in district cooling. The project is consistent with (i) the Urban Development and Water Sector Assessment, Strategy and Road Map, which emphasizes modern wastewater treatment management; and (ii) the ADB-assisted Tourism Master Plan, 2013 - 2020, which includes preservation of heritage buildings.
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