Keppel Land expands Sedona Yangon, adds $80 million wing

Image Credit: Flickr/Jose Javier Martin Espartosa

Keppel Land, the property arm of Keppel Group, is expanding its Myanmar hospitality business by adding a $80 million (S$106 million) wing at the Sedona Hotel Yangon.

This 29-story expansion effectively doubles its capacity, adding 420 room and projected to be completed in Q42015, amidst a surge in increased tourist and business arrivals.

The Sedona Yangon was among the first few international hotels established in Myanmar, opening in 1996 with 366 rooms. This latest expansion will cater to rising demand for hotels in Myanmar, as it attracts a growing number of businesses, foreign investments and tourists keen to explore the relatively untouched nation.

Myanmar’s economy grew 6.4 per cent in 2014, an increase from the 5.5 per cent seen in 2013. This was attributed to the rise in foreign direct investment (FDI) capital flowing into Myanmar.

The Myanmar Ministry of Hotels and Tourism expects 4.5 million tourist arrivals in 2015, double the 2.04 million in 2013. According to data shared by Tiger Mine Ventures, tourist arrivals in Myanmar have seen a consistent, year-on-year growth from 2003 to 2012. The only impact of the 2008 global financial collapse was to curb the growth slightly.

Image Credit: Tiger Mine Ventures

Ang Wee Gee, CEO of Keppel Land, commented on the deal, saying: “As Myanmar is expected to enter a phase of sustained economic growth, the property market in Yangon is poised to deliver healthy performance. We are excited about the opportunities to grow with Myanmar as it opens up and attracts more businesses and foreign investments, as well as tourists.”

In addition to this, Keppel Land is also developing a Grade A Yangon office building aimed to be 23 storeys tall. The office component of a mixed development called Junction City is being built in collaboration with Shwe Taung Group as a joint venture. An investment of $47.4 million has been made by Keppel Land in this latest asset. Completion is forecast for 1H2017.

Ang explained this project as “Fill(ing) the gap for Grade A office space in Yangon’s central business district. By contributing to Myanmar’s business and tourism communities, the two key drivers of the country’s growth, Keppel Land is reinforcing its commitment to move into the future with Myanmar.”

Related Stories:

Singaporean investments in Myanmar see significant increase

Saigon Asset Management backed firm inks deal for Myanmar offshore block

Myanmar 2014-15 FDI swells to $8.1b: govt agency

Suzuki to build second Myanmar car plant

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.

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.