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Singapore dominates high-rise investments in Yangon

PropertyGuru

by Cheryl Tay

OrangeTee's Real Estate Digest has revealed the latest happenings on the Yangon, Myanmar property scene.

Singaporean companies still comprise the largest group of overseas investors that have invested in high-rise buildings in Yangon, said Than Myint, Chairperson of the Committee for Quality Control of High-rise Building Projects Construction (CQHP).

Construction activity for high-rise buildings in the capital were minimal before the second half of 2012. But more are now underway, thanks to a surge in foreign investments. Interestingly, most of the project designs originated from Singapore.

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Local developers used to build 12- to 16-storey buildings; now, plans being submitted involve 25-, 30- and 35-storey buildings.

Meanwhile, Shwe Taung Development Company is set to build two new office projects in Yangon.

Located at the intersection of Theinphyu and Mahabandoola Road in downtown Yangon, the nine-storey Shwe Taung International Commercial Centre (SICC) will offer over 19,000 sq m of retail and office space.

The second project, known as the Union Business Centre (UBC), is situated at Natmauk Road and is near several foreign embassies. It will feature a five-storey building that offers 6,000 sq m of space and two double-storey annexes with over 500 sq m of office space each.

SICC is expected to be completed in January 2014, while UBC is slated to be ready by June 2014.Cheryl Tay, Editor of CommericalGuru, wrote this story. To contact her about this or other stories, email cheryltay@allproperty.com.sg

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