FMI, LSC to develop $24m high-end property in Myanmar capital

Representatives from FMI, LSC and CTMCC-HTE at a signing ceremony in Naypyitaw.

First Myanmar Investment Co Ltd (FMI) and Lighting Specialist Co Ltd (LSC) have struck a joint venture deal to develop a high-end property in the country’s capital Naypyitaw.

At a total cost of approximately $24 million, construction of KrisPlaza is scheduled to start in early 2015 with completion earmarked for the third quarter of 2016, local conglomerate FMI said.

“The real estate sector continues to be an important part of FMI’s portfolio and KrisPlaza in Naypyitaw is a natural progression,” said U Linn Myaing, FMI’s Chief Operating Officer.

The apartment complex, which will span 1.25 acres of prime land in the nation’s capital, is located in Zabu Thiri township in Naypyitaw – an area close to government and ministerial offices, and near three hospitals, the Jade Museum, golf courses, the hotel zone and Tha Pyay Gone market.

The two-tower, 10-storey development will include 114 apartments, a basement car park, swimming pool, retail plaza and Yoma Bank’s regional headquarters.

While KrisPlaza is FMI’s first development in Nay Pyi Taw, FMI has other premium residential spaces in Yangon including Star City, FMI City and FMI Centre.

FMI said a considerable pent up demand has caused an influx of enquiries about the project, as many businesspeople and government officials see the opportunity to own a luxury apartment residence to accommodate their frequent trips to Naypyitaw while at the same time utilising it as a base for business to accommodate their executives and office equipment.

LSC, a lighting solutions provider with the brand-name Krislite, recently expanded their business portfolio in Myanmar with property development in Yangon including CCPT, a 20-storey hotel and office development in Strand road and a 8-storey HQ Building in Pyay road.

“Krislite with LSC has been operating in Myanmar for more than … and understand the market which makes them an ideal partner for this joint venture,” U Linn Myaing said.

The joint venture company is LSC-FMI Co Ltd.

“Building on the strong capabilities in development and construction of our partnership, we will offer a high quality and cost effective product to new home owners in Myanmar,” said Kyaw Moe Naing, managing director of LSC.

The joint venture development combines ID Architects from Singapore, local firm Edgewise Architects and CTMCC-HTE as constructor. Other consultants involved in the project include civil and structural firm Aurecon, MEP Consultant and quantity surveyor Structon.

Source:Content sharing agreement with Myanmar Business Today

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.