Shwe Taung Group yesterday announced that the first phase of its US$300 million project in downtown Yangon, a 23-storey office block called Junction City Tower, is on track to open in the first quarter of 2017.
Construction is 70 percent finished and interest has been huge from both local and foreign companies, officials said. Singapore’s Keppel Land holds a 40pc stake in the project which is designed by DP Architects.
Yangon City Development Committee owns the 6.5-acre site on Bogyoke Aung San Road. Shwe Taung paid a K12.08 billion one-off payment to the local authority, and will pay K5.8 billion per year, from the profit it makes on leasing the completed buildings. YCDC will not be involved in developing or running the project.
Aung Zaw Naing, Shwe Taung Group CEO said the office space, which will be available for rent, will be of a “Grade-A” standard. It will have a total floor area of 34,000 square metres. Once complete, the ambitious mixed-use project will also include a shopping and entertainment centre and a five-star hotel to be operated by Pan Pacific Hotels Group, to open in 2017, as well serviced residences slated for a 2019 launch.
The company will also build a carpark with 1500 spaces.
Quoted from mmtimes.
