Myanmar has a new five-star hotel, courtesy of Vietnam
Myanmar has a new five-star hotel, courtesy of Vietnam
A Melia hotel is now open for business in Yangon, thanks to a Vietnamese real estate giant
Vietnamese property developer Hoang Anh Gia Lai (HAGL) opened the doors to its five-star hotel in Yangon on Sunday, marking another chapter in the ongoing cross-border investments in Myanmar after a series of political, economic and social reforms opened it up to the world.
Located in HAGL’s USD440-million Myanmar Centre development beside Inya Lake in Bahan Township, the hotel, part of the Melia chain, has 430 rooms on offer, including Melia’s signature The Level suites. It also comes with a 2,000-square-metre conference area.
Myanmar Centre is currently the largest foreign real estate investment in the country, according to U Htay Aung, the country’s minister of Hotels and Tourism.
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Another Vietnamese developer, Bitexco, has been transforming prime tracts of real estate back home alongside notable global conglomerates such as Emaar Properties, the company behind the Burj Khalifa in Dubai. Bitexco, itself known for the tallest building in Ho Chi Minh City, has formed a joint venture with Emaar to urbanise Binh Quoi-Thanh Dan, a long-underdeveloped area in the said city.
Bitexco has most recently entered into a joint venture with Mitsubishi Corporation to develop the residential component of The Manor Central Park, a 90-hectare mixed-use development in Hanoi. Combined with the adjacent memorial park, which covers 100 hectares, it stands to become the largest property development in Hanoi, Mitsubishi claimed.
The first phase of the joint venture will yield 240 low-rise units, plus 1,000 high-rise units across two condominium towers, for a total cost of JPY30 billion (USD285 million). The housing scheme is targeted to company employees and government workers in their 30s and 40s.
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Source: Property Report