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Singapore’s Keppel Land recently announced that it has teamed up with Myanmar’s ShweTaung Group for the construction of a 23-storey office in Yangon’s central business district (CBD).
Although the project still requires the approval of the country’s Investment Commission, Keppel Land plans to invest US$47.4 million (S$61.6 million) for a 40 percent stake in the office tower.
Located at the intersection of Bogyoke Aung San Road and Shwedagon Pagoda Road, the development is close to FMI Centre, Sakura Towers, Sule Shangri-La, Bogyoke Market, Holy Trinity Church and Yangon Railway Station. Schools, retail outlets, heritage buildings and government offices are also nearby.
“Construction for the office tower has commenced and is expected to be completed in 2017,” Keppel Land said in a press release.
“When completed, the office tower will offer a net leasable area of about 33,400 sq m of premium Grade A office space, meeting the demand for high quality office space in Yangon which is presently in limited supply.”
The office tower is part of Junction City, a mixed-use project that will also include residential towers, a shopping centre, the five-star Pan Pacific Hotel and Yangon’s largest car park capable of accommodating over 1,400 vehicles.
Keppel Land’s other projects in Myanmar include Sedona Hotel Mandalay and Sedona Hotel Yangon, which is adding new tower block to its existing wing. Once it is ready by 2016, the developer’s total number of hotel rooms in the country would reach 1,037.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this and other stories, email nikki@propertyguru.com.sg
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