In news of fresh investment plans in Myanmar, a mixed-use $300-million real estate project is underway with Shwe Taung Goup partnering Singapore’s Keppel Land. Meanwhile Malaysia’s Tan Chong Motors is setting up a car assembly plant in Myanmar.
Shwe Taung Group partners Keppel Land for $300m Junction City project
Shwe Taung Group of Companies said that they will partner Keppel Land, Pan Pacific Hotel Group, City Square Development and New Asia Investments for the construction of the $300-million Junction City mixed-use project, media reports said.
Situated on Bogyoke Aung San road and Shwe Dagon pagoda road, the project will include, office space, shopping centre, hotel, and residential units.
The project is about 37 per cent completed, the first phase of construction of the office tower and shopping mall and hotel will be finished in 2017 while the residential apartments will be completed by 2019, said U Aung Zaw Naing, CEO of Shwe Taung Group.
Junction City Co Ltd is a group company of the Shwe Taung Group, which owns 55 percent stake. About 40 per cent stake is owned by Singapore’s property company, Keppel Land and 5 per cent by Singapore’s City Square Development.
For the hotel in the project, Singapore’s Pan Pacific Hotel Group will hold 20 per cent together with 51 per cent by City Square Development and 29 per cent by Shwe Taung Junction city Co Ltd.
The shopping mall work will be handled by Singapore’s New Asia investments with 10 per cent while City Square Development will take 51 per cent and Shwe Taung Junction City Co Ltd will own 39 per cent.
The architect of the 6.5-acre project is DP Architects from Singapore.
Malaysia’s Tan Chong Motors to set up $50m assembly
The plant will take up 50 acre in Bago where the major parts and components imported from abroad will be assembled locally. The facility will start production by 2018.
The company is finalising the process of securing the land with the government of Myanmar, said Dr Ang Bong Beng, executive director of Tan Chong Motor.
Tan Chong Motor Holding, the franchise holder and exclusive distributor of Nissan passenger and commercial vehicles in Malaysia, entered a distribution agreement with Nissan Motor Co Ltd in July 2013 to distribute ready to use cars in Myanmar.
In developments in Myanmar’s automobile sector so far, Suzuki Motor is constructing a new plant in Thilawa special economic zone to be completed by 2017 and Super Seven Star is the sales agent for KIA motors.