First high-rise steel of­fice tower to be com­plete in 2020

The Myanmar Times - - Business - YEE YWAL MYINT yeey­walmyint@mm­

LO­CAL prop­erty de­vel­oper Mot­tama Hold­ings yes­ter­day held a top­ping out cer­e­mony for its project, M Tower, which is the first high-rise steel struc­ture of­fice build­ing in Myan­mar.

More than 8000 tonnes of steel has been used to con­struct the 26-storey, 111-me­ter tall build­ing, which will be fully com­plete by 2020, said U Yang Ho, chair of Mot­tama Hold­ings.

The 5A-grade of­fice tower, which is be­ing con­structed us­ing Ja­panese and Tai­wanese tech­nol­ogy, is lo­cated on Pyay Road in Yan­gon. The struc­ture will be pro­duced by Min Dhama Steel Struc­ture Co., Ltd (MDSS), which is a sub­sidiary of Mot­tama Hold­ings.

“The main ad­van­tage of steel struc­ture build­ing is that we can con­struct all sides of the build­ing such as front and back side si­mul­ta­ne­ously. So, we can re­duce the du­ra­tion taken to com­plete it,” he added. The steel struc­ture of the build­ing will also en­able it to with­stand winds of up to 120mph as well as earthquakes.

M Tower will also in­clude a four-storey base­ment hous­ing 265 car park lots, which is a main re­quire­ment in Yan­gon. It will also be the deep­est base­ment among all the high rise build­ings in Myan­mar. “I hope M Tower will be­come a dis­tinct land­mark for Yan­gon,” said U Yang Ho.

The of­fice tower will hit the mar­ket at a time when de­mand for of­fice space has ta­pered. “Four or five years ago, the leases for of­fice space in down­town Yan­gon ranged from US$8 to US$9 per square foot. Cur­rently, there are now more of­fice build­ings and leases have dropped to about US$2 or US$3 for per square foot, said U Nay Min Thu, man­ag­ing direc­tor of an­other prop­erty web­site, iMyan­mar­

How­ever, he added that “de­spite the drop in leases, in­ter­na­tional-stan­dard of­fice build­ings and tow­ers will still needed in the long term as the econ­omy grows.”

In­deed, Mo­tamma Hold­ings ac­tu­ally has eight other ma­jor projects in the pipeline. In­clud­ing M Tower, the prop­er­ties are val­ued at a to­tal of US$1 bil­lion and ex­pected to be all com­pleted by 2022, ac­cord­ing to the com­pany’s an­nounce­ment on June 15.

The projects cover res­i­den­tial apart­ments, of­fice tow­ers, shop­ping malls and pub­lic recre­ational cen­tres.

Four projects are be­ing carried out with in­ter­na­tional part­ners: M Tower on Pyay Road, Min Res­i­dences on Mind­hama Road, Mot­tama Cen­tre and af­ford­able hous­ing project M Green Apart­ment in Yan­gon’s Min­gal­adon town­ship.

The re­main­ing five projects are do­mes­tic part­ner­ships: an aquar­ium in­side Kan­daw­gyi Park, Har­bour Trade Tower on Strand Road, HL tower on Pyay Road, Bon­namy Tower on Kyaik Wine Pagoda Road and Mot­tama Busi­ness Tower on Mind­hama Road.

Six projects are cur­rently un­der con­struc­tion and three projects - Mot­tama Busi­ness Tower, Bon­namy Tower and M Green Apart­ment - are set to be­gin con­struc­tion next year.

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