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Keppel Land’s partly-owned office tower in Yangon, Myanmar is ready to be occupied by tenants following its official opening today (31 March), reported the Straits Times.
Known as Junction City Tower, the 23-storey building was jointly built with Myanmar’s Shwe Taung Group. With a net leasable area of around 33,400 sq m, the Grade A office space is located within the heart of the capital.
Tenants in the office tower include Samsung and the British Chamber of Commerce, as well as law firms WongPartnership and Allen & Gledhill.
Keppel Corporation’s real estate arm, Keppel Land, has a 40 percent stake in the property, which offers more than 1,500 carparks and forms part of the integrated project called Junction City (pictured).
It also holds a 40 percent stake in the office component and the serviced residences under the second phase of Junction City. Keppel Land revealed that there will be around 260 premium serviced apartments.
Construction work is expected to start next year for phase two, which has a gross floor area of about 50,000 sq m, while the entire mixed-use development will have a total area of approximately 260,000 sq m when ready.
“The partnership with Shwe Taung Group for Junction City Tower is in line with Keppel Land’s strategy to invest in markets with good growth potential such as Myanmar, and to further augment the company’s commercial portfolio,” said Ang Wee Gee, CEO of Keppel Land.
He said Junction City will enable Keppel Land to meet the rising demand for Grade A offices and accommodation in Yangon. Ang is also bullish on the long-term potential of the country, where Keppel Land made its maiden venture in 1993.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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