Huge luxury developments to change Yangon’s riverside skyline forever
Huge luxury developments to change Yangon’s riverside skyline forever
Several high-rises have been announced in Yangon, providing stark contrast to neighbouring slums
Hlaing Tharyar is the largest of the townships in the Burmese capital of Yangon. It also has the singular cachet of having Myanmar’s largest squatter area.
This poverty stricken area is in for a shake-up, however, with huge riverside development plans announced.
The Myanmar Times reports that Toener Investment Group from Hunan, China have teamed up with Burmese property developer SMI Real Estate to erect luxury condominium blocks, some reaching 31 storeys, across the township by 2020.
Dubbed ‘Riverfront Garden,’ the project will have seven of its 13 buildings facing the Hlaing River, featuring big picture windows for taking in the riverside panoramas. The project is being promoted as the first international-standard condominium project by the river.
Construction for the first two towers, which will cover 1,800 units ranging in size from 558 square feet to 960 sq ft, will begin in July.
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Riverfront Garden will follow Toener’s other joint venture in Yangon, a group of high-rises called Kanbae Towers, in the Yankin township.
China is part of a larger intra-regional interest that has been growing in Myanmar since the country elected its first civilian government in decades. In March, Myanmar Property Awards 2016-nominated Hoang Anh Gia Lai Group (HAGL) launched a USD230-million project in Yangon.
Last year, the Vietnamese property developer opened Hoang Anh Gia Lai Myanmar Centre, a USD440-million hotel, office, and residential project in downtown Yangon.
American interests may not be far behind. In May, the US government partially lifted economic sanctions on Myanmar, originally promulgated against the country’s then-ruling military junta.
Under relaxed sanctions, American businesses are now free to transact with government-owned banks and at least seven companies that were previously on the blacklist of the US Department of the Treasury.
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Yangon will host the next Property Report Congress on 30 June 2016 at the Sule Shangri-La Yangon. The whole-day conference Property Report Congress Myanmar is a dedicated, high-level forum for industry leaders, VIPs, and real estate professionals to discuss how to continue driving growth and excellence in one of the world’s emerging real estate markets. For tickets, partnerships and enquiries, visit the website or contact [email protected].
Source: Property Report