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Emerging Town & Cities leases Myanmar apartments to Huawei for $10.6 mil

Samantha Chiew

SINGAPORE (Oct 23): Emerging Town & Cities (ETC) Singapore has signed an agreement with Huawei Technologies to lease 147 residential apartments from the group’s Golden City project.

The units will comprise a combination of one to three-bedroom apartments and be leased out for an initial term of two years with an option to renew on the third, for a total term of three years. The total rent over the period will amount to about US$7.7 million ($10.6 million).

Golden City is a luxury mixed development located in Yangon, Myanmar. The apartments leased to Huawei will be fully furnished with furniture and appliances, while lifestyle amenities such as swimming pool and gym are also available.

The property will be rent-free for four months from the beginning of the handover on Jan 31, 2019. After which, the lease will start on Jun 1, 2019 and expire on May 21, 2022, should the option for renewal in the third year be exercised.

Tan Thiam Hee, executive director and group CEO of ETC Singapore says, “While our sales and marketing efforts of existing development properties continue to garner momentum, we have also been taking incremental steps to enhance our portfolio of investment properties to raise rental income and support long-term earnings visibility.”

“Looking ahead, Golden City remains well poised to capitalise on the next wave of corporations and foreign investors looking to set foot in one of the fastest expanding nations in the region,” adds Tan.

Year to date, shares in ETC are down 46% to 3.8 cents.