Sakura Executive Condo to be built in South Okkalapa township is looking for investors. Meanwhile, Wyndham, has launched its first property in Yangon.
Sakura Executive Condo project
Yangon based Sakura Engineering and Construction Development Co Ltd, a private-owned entity of Myanmar Motor Corporation Public Company is looking for investment in the $300 million project to build 22 condominium buildings in Yangon.
Htay Aung, president of MMC said the company plans to build the Sakura Executive Condominium on the 10 acre land company land in South Okkalapa township, Yangon.
“We can start work if we get $30 million financing for the first stage,” said Aung during an interaction with DEALSTREETASIA.
They have already got approval from the Yangon Region government.
Known for building the Sakura Hospital in Yangon, currently they are building the K55 billion ($40.3 million) Sakura Business Tower in Ahlone township.
“We’ve already used up K10 billion ($7.3 million) for the project,” said Aung. They have planned to complete the phrase of the Sakura Business Tower by March 2017 and phrase II in mid of 2018.
Apart from the construction work, Aung is also involved in the automobile industry, planning to start assembly of MAN buses in Yangon.
Wyndham launches first property
“Tryp by Wyndham’s unique urban flair will help visitors uncover the side of Yangon not in guidebooks, putting the city in a new light for visitors who want to experience it like a local,” said Barry Robinson, president and managing director of Wyndham’s Southeast Asia and Pacific Rim.
Tryp hotels are present in New York, Paris, Berlin, Sao Paulo, Mexico City and now in Yangon.
Wyndham Hotel group announced its expansion plans to Myanmar in September 2015, by signing a franchise agreement for a 260 room Wyndham Grand hotel in Yangon. The investment for the hotel will be around $70 million and it is set to open in 2017.
The Wyndham Grand Yangon Royal Lake, located at the Southern part of Kandawgyi Lake is owned by Asia Myanmar Shining Star Company, a joint venture between Hong Kong Shining Star Industrial Co Ltd and Asia Myanmar Shining Star Consortium Development Co Ltd and will be part of the mixed-use Kantharyar Centre Project.