Singaporean development firm Uni Global Power have rolled out plans to build a $230 million complex in Yangon's Yankin township, featuring residential skyscrapers, a five-star hotel, and a shopping mall.
The project, “Golden City”, began construction earlier this year will include 9 33-storey residential towers, a 200-room hotel and a shopping mall— all to be built by 2018, said Alex Zhu, chairperson at Golden Land Real Estate Development, the project's developer.
“We will develop the project with locally-based Nature Link,” he said.
“We got the land lease approval from Myanmar Investment Commission for 50 years,” he said. The land is owned by the Ministry of Defence.
The first phase, to be finished in 2016, will include 4 33-storey residential towers.
Mark Wen, operations manager, said they had yet to find a brand to manage the hotel space, but they were speaking to international hotel chains.
“Now we are talking to a few big hotel chains, including Marriott Garden Hotel, but still in negotiation and nothing is confirmed yet,” he said.
Golden City is not the only large-scale real estate project in Yangon. Serge Pun's Yoma Strategic Holdings plans to build $350 million-worth mixed-use Landmark Project downtown, as well as the 420-acre Star City near Thilawa Special Economic Zone already under construction.
Shwe Taung Group, hopes to spend $500 million in the next 5 years on several projects, while Vietnam's Hoang Ang Gia Lai (HAGL) has invested $440 million in property, including the HAGL Centre, which will include 161,000 sqmof office space.