The Chinese investors behind a major residential project in Yangon are preparing to launch another huge development on a 31-acre site beside the city’s Hlaing River.
Toener Investment Group and local partner SMI Real Estate will build 13 condominium towers in Hlaing Tharyar, Yangon’s most crowded township and one of its poorest. The luxury project will be close to some of Myanmar’s largest industrial zones and sprawling slum and squatter settlements.
The project, known as Riverfront Garden, located along a main road between Bayintnaung and Aung Zaya bridges, will be the first international-standard condominium development on the Hlaing River. Construction is due to begin next month, said sales executive U Nay Htet Bo.
The complex will include seven 31-storey buildings, two 23-storey buildings and four 21-storey buildings, to be completed over the next four years, he said.
Initially just two towers will be built on 10 acres over the next two years, he said. “We will start with only two buildings. The remaining 11 blocks will be built afterward. Seven of the buildings will face the Hlaing River and the other six will face Pun Hlaing villas.”
Pun Hlaing Golf Estate, owned by tycoon Serge Pun, is the only other luxury development in Hlaing Tharyar, a 600-acre gated luxury estate, described by its website as “an exclusive peaceful oasis”.
Sales are already open for apartments in Riverfront Garden, which will “become another high-end international community”, according to Toener’s website.
“Sales started last weekend, but only for units from the first two towers,” said U Nay Htet Bo. The 1800 apartments range in size from 558 square feet to more than 960 sq ft, with six apartments to each floor. The asking price is K210,000 per square foot depending on the view and floor, he said.
Shopping centres, markets, restaurants, a cinema, playground, gym, swimming pool and parking for 2500 cars, 24-hour security, CCTVs, cleaning management and housekeeping will all be provided. A security system will allow residents to access only their own apartments and the public areas, U Nay Htet Bo said.
“Riverfront Garden housing will be decorated with design that combines traditional and modern life, and big picture windows for maximum enjoyment of the river views.”
Toener Investment hails from China’s Hunan province. Its two main businesses are mining and real estate development, according to its website, and it has projects in more than 10 provinces in China, as well as in Macao and Hong Kong, and more than 70 subsidiaries.
It is already building a large residential developments in Yangon’s Yankin township: Kanbae Towers.
Kanbae Towers is a joint venture between Toener Investment and Golden Thitsar, which is registered on the Directorate of Investment and Company Administration website under the name of a shareholder named Luo Qiong Qiong.
The 2.2-acre project on Kanbe Road was approved by Myanmar Investment Commission in early 2015 and will include three 25-storey buildings, one 21-storey building and a fifth building with 12 floors. Units went on sale in late March.
This article has been updated to correct Toener Investment Group's development projects in Myanmar, which do not include Golden City.
Quoted from mmtimes.
