Exciting new serviced residences announced in Yangon
Exciting new serviced residences announced in Yangon
Myanmar Property Awards winners Shwe Taung Group and Keppel Land are collaborating on the development
Two winners from the Myanmar Property Awards 2016 announced a joint venture on Wednesday to develop a mixed-use development in Yangon’s central business district.
More: Myanmar has a new five-star hotel, courtesy of Vietnam
Shwe Taung Group, winner of the highest overall award of “Best Developer” among other gongs, has a conditional agreement with fellow winner Keppel Land to create premium serviced residences and offices in the next phase of Junction City, reports Business Times. Keppel Land’s investment amounts to about USD48.6 million.
This is the second collaboration between the two firms, the first being Junction City Tower, a 23-storey Grade A office building.
The second phase, expected to start in 2018, will include a gross floor area of 50,000 square metres, and will be home to the first Sedona Suites in Myanmar, making up about 260 serviced apartments.
President of regional investments for Keppel Land, Ng Ooi Hooi, said that the group has confidence in Myanmar’s long term prospects, and is committed to participating in the growth of the country.
Read next: Asia’s real estate leaders to talk at Property Report Congress Thailand
Source: Property Report