Asean firms flock to high-end Yangon property sector Companies in the real estate sector from across Southeast Asia, includ- ing architects, developers, construction and consulting firms, are increasingly becoming involved in Yangon’s luxury real estate projects. The number of high-end de- velopments in Yangon has increased signifi- cantly in recent years, and the boom looks set to continue, with new projects being planned or launched almost every week at present. Over the past year and particularly the last quarter, more and more companies from across the Asean region have expand- ed their businesses into Myanmar to take advantage of this opportunity. This has resulted in a transformation of the market landscape from before 2011, when a major- ity of Yangon’s higher-end projects – par- ticularly in the residential space – were car- ried out from conception to completion by Myanmar’s major conglomerates. As would be expected, firms from Singapore and Thailand are the most active in the Yangon market, due to their geographical proximity to Myanmar and the frequent, direct flights to Yangon. Singaporean style Several Singaporean property firms, includ- ing regional giant Keppel Land, have had a presence in the Myanmar market for a long time. Keppel has been in Myanmar since 1993, and currently owns and manages the Sedona Hotel Yangon and the Sedona Hotel Mandalay. But other major Singaporean de- velopers have only moved into the market very recently. Oxley Myanmar, for example, a subsidiary of Singapore-listed Oxley Holdings, incorporated earlier this year, and recently announced plans to develop its first project – a 20 storey mixed-use develop- ment in Yangon called Min Residence. As- cott, a division of major Singaporean devel- opment company CapitaLand, made its first foray into the Myanmar market this year, and will manage the serviced apartment units in 68 Residence, a luxury residential project on Kabar Aye Pagoda Road. Soil- Build, another Singaporean firm is responsi- ble for the construction. DP Architects, one of Singapore’s largest architecture firms, has recently upped its game in Myanmar with several high-end development projects in Yangon. These include the Illustra at Pho Sein, the State House Hotel, Junction City, Crystal Tower and Residences, and the Polo Club Residence. Singaporean architects and designers are becoming increasingly popular among Yangon developers. This is partly because many local developers be- lieve buyers are prepared to pay a higher price for a project with a Singaporean con- nection. Capital City, a mixed-use project on a 12.8 acre site, is being designed by RSP Architect, a Singaporean firm. Paragon Res- idence, a high-end residential condomini- um in Ahlone township, and the Kantharyar Consortium Project are both being designed by AGA Architects from Singapore, and ar- chitect Aedas is master-planning the San- chaung Garden Residence project. New Precinct Architect, also from Singapore, is working on the design for River View Point, a residential and retail project being de- veloped by Asia Development Consortium. Singaporeans TJT Consultants and M&E Top Global Engineering are also working on the project. Furthermore, several interna- tional companies are beginning to invest in Myanmar real estate through Singapore-in- corporated firms. Marga Group is one such example – a Singapore-based real estate de- veloper with a focus on Myanmar. The com- pany’s shareholders and directors are from Hong Kong, Korea and the UK. The compa- ny has recently launched its first project, un- der the name of Marga Landmark Develop- ment Company, it will develop a high-profile luxury hotel, retail and office project called Dagon City on 22 acres in the center of the city. Many of these companies are still test- ing the water, and are working in Yangon on a project-by-project basis from offices in Singapore. These are the companies that are likely to build capacity in Myanmar in the coming years. To date, all of these compa- nies have worked to some extent with a local partner. However, a law allowing 100% for- eign ownership of development projects has just been passed. This change in ownership law is likely to transform the market land- scape further, and has opened the way for wholly-owned Singaporean developments to begin in Yangon. (Source: Myanmar Insider) Come and visit to our showflat No.(1,2), Ground Floor, Building (D/E), Shwe Mya Yar Housing, Myanma Gone Ye Road, Mingalar Taung Nyunt Township, Yangon to experience the ILLUSTRA @ PHO SEIN, also one of DP Architects luxury living project.
Posted on: Wed, 26 Nov 2014 09:32:30 +0000
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