Yoma Strategic Holdings, a Myanmar-based real estate company, is accelerating development projects targeting the country's growing middle class. Yoma, which is listed on the Singapore stock market, is developing Star City, a luxury community on a roughly 1.6-million sqm property in Thanlyin along the Bago River. Sta
Yoma Strategic Holdings, a Myanmar-based real estate company, is accelerating development projects targeting the country's growing middle class.
Yoma, which is listed on the Singapore stock market, is developing Star City, a luxury community on a roughly 1.6-million sqm property in Thanlyin along the Bago River. Star City partially opened last year, with plans to offer 9,000 condominium units by 2020. When completed, the community will feature a school, a golf course and a ferry service into central Yangon.
High-end residences in Myanmar typically consist of rentals to foreign expatriates doing business in the country. In contrast, Star City's condos start at $80,000 for a 60sqm unit, making them more affordable to the middle class. Doctors, engineers, sailors and others that have been among the first to reap the fruits of Myanmar's market liberalization efforts snapped up the first block of some 530 units at Star City.
Yoma formed an alliance with a British international school in March. They plan to jointly open a school for residents' children.
Yoma will also develop a commercial and residential property in a roughly 40,000sqm area near the Yangon Central Railway Station. The timing of the the project has not yet been decided, but Yoma seeks to build 2 high-rise buildings featuring offices and luxury residences. Yoma will work together with hotel operator Hongkong and Shanghai Hotels to set up a hotel in the area to be called the Peninsula Yangon. Total investments are expected to reach around $400 million, with Japanese trading house Mitsubishi and Mitsubishi Estate's participation.