More mixe­duse projects spring­ing up in Yan­gon

The Myanmar Times - Weekend - - Business - YEE YWAL MYINT yeey­walmyint@mm­times.com

OVER the last few years, more and more build­ing projects fea­tur­ing a com­bi­na­tion of res­i­den­tial units, ho­tels, shop­ping cen­tres and of­fice spa­ces have been com­ing up around the city.

The projects, called mixed-use de­vel­op­ments, will add to the vi­brancy of the city al­though there are those who fear they will com­pound the traf­fic sit­u­a­tion.

The fol­low­ing are some of the projects that will emerge soon in Yan­gon.

The Penin­sula Res­i­dences Yan­gon The project is be­ing de­vel­oped on a four hectare (10 acre) site in down­town Yan­gon at the junc­tion of Sule Pagoda Road and Bo­gyoke Aung San Road. Work be­gan on Fe­bru­ary 16, 2017 and the sales of the apart­ments were launched on March 24, this year. The Penin­sula Res­i­dences Yan­gon has 96 res­i­den­tial units and is ex­pected to be com­pleted in 2021.

The 26-floor project will in­clude in­ter­na­tional-stan­dard, fully ser­viced, ready-to-stay apart­ments in two- and four-bed­room lay­outs and also pent­houses.

The res­i­dences are also part of a project to re­pur­pose the colo­nialera Myan­mar Rail­ways build­ing as the Yoma Cen­tral de­vel­op­ment. Two Grade A tow­ers hous­ing of­fices and a ho­tel will also be built to­gether with a re­tail com­plex.

Ac­cord­ing to its mar­ket­ing ma­te­rial, the Yoma Cen­tral project is in­spired by Myan­mar’s cul­ture and his­tor­i­cal ar­chi­tec­ture and the build­ing de­signs are drawn by world-class ar­chi­tects.

The Penin­sula Res­i­dences Yan­gon is a part­ner­ship be­tween Meeyahta De­vel­op­ment Ltd and Hong Kong and Shang­hai Ho­tels Ltd.

Cur­rently, pur­chase of units in Penin­sula Res­i­dences is by in­vi­ta­tion only and it is be­lieved that the price for a two-bed­room unit starts from US$1.2 mil­lion (K1.9 bil­lion).

Star City Lux­ury res­i­den­tial projects are also ap­pear­ing in the out­skirts of the city. Across the Yan­gon-thanlyin Bridge, three zones have been des­ig­nated for the Star City project.

Con­struc­tion has been com­pleted for Zone A and Zone B and work on Zone C is cur­rently un­der­way. The sixbuild­ing Gal­axy Tow­ers com­plex, with 1038 res­i­den­tial units, takes pride of place in Zone C. Of the six tow­ers, tow­ers 2 and 4 have been opened up for sales of units.

The project, which started in 2010, is now al­most fin­ished, said Star City Hous­ing Project As­sis­tant Sales Man­ager Daw Theint Su Mon.

There are also plans to start work on a project that will fea­ture more af­ford­ably priced hous­ing units by the end of this year.

The over­all Star City project cov­ers 197.5 hectares and is one of the largest in the Yan­gon area. It even fea­tures a golf course and in­ter­na­tional school in the Thi­lawas Spe­cial Eco­nomic Zone.

68 Res­i­dences Hous­ing Project A project by United GP De­vel­op­ment Co Ltd, the prop­erty de­vel­op­ment arm of Golden Palace Jew­ellery Group, is lo­cated on Kaba Aye Pagoda Road, Ba­han Town­ship and is 70 per­cent com­plete.

United GP De­vel­op­ment Chair­man Dr Aung Kyaw Win said that the project will be com­pleted by next Au­gust.

Con­struc­tion work started in Oc­to­ber 2014 and al­though there were pre­con­struc­tion sales, the ex­act num­ber of units taken up can’t be an­nounced yet, he said.

The lux­ury condo project is built on in­her­ited land so the buy­ers will own the land and is said to fea­ture high-tech ma­te­ri­als and tech­nolo­gies.

The project on a one acre site is be­ing done with in­ter­na­tional con­struc­tion com­pa­nies and is lo­cated at the junc­tion of Kaba Aye Pagoda Road and Sa­yar San Road near Sh­wedagon Pagoda, Inya Lake, Pearl Condo. The lo­ca­tion gives it easy ac­cess for busi­ness, ed­u­ca­tion and trans­porta­tion. HAGL Myan­mar project Orig­i­nally de­signed as a high-end hous­ing project, The Lake Suites by Hoang Anh Gia Lai Myan­mar Co Ltd in Yan­gon has been re­vised, said the com­pany’s of­fi­cials.

The first phase of the project, which in­cludes Myan­mar Plaza and Melia Yan­gon, was com­pleted in two years. The sec­ond phase with five build­ings is ex­pected to start in first quar­ter of 2019.

HAGL Myan­mar said in an an­nounce­ment that the project will of­fer more than 30,000 square feet of of­fice space, movie the­atres, an en­ter­tain­ment cen­tre, hy­per­mar­ket and in­ter­na­tional shop­ping mall.

The project’s de­sign is be­ing changed in or­der to pro­vide a more park­ing space and a traf­fic con­trol sys­tem to help re­duce traf­fic con­ges­tion.

A new sales show­room for The Lake Suites will be opened at the project site in first quar­ter of 2019. The pre­vi­ous show­room on Uni­ver­sity Av­enue in Ba­gan Town­ship will be closed at the end of Oc­to­ber this year.

Photo: Kang Wan Ch­ern

The file im­age of the Yoma Cen­tral con­struc­tion site, which will also house the Penin­sula Res­i­dences Yan­gon.

Photo: Thiri Lu

A model of the 68 Res­i­dences project back in 2014.

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