Myanmar developer United GP Development will hold a Yangon property show in Singapore this weekend to attract Myanmar nationals living in the city state to invest in a 27-storey luxury condominium located in Bahan township.
The 68 Residence mixed-use project will be exclusively marketed in Singapore by Orange Tee, a local real estate agency. The sales exhibition is set to take place at the Four Seasons Hotel on Orchard Road on 24 to 25 May, from 11am to 7am.
“We want to launch our condominiums in Singapore for Myanmar people who live in Singapore and international investors, because they will be built to international standards and be an icon in Yangon,” U Aung Kyaw Win, chairperson of United GP Development, told the Myanmar Times.
Construction of the USD150 million development—designed by Malaysian firm Zone Architect—will start in September. Upon completion in 2017, the 369-unit project will comprise 153 serviced apartments to be managed under the Somerset brand of Singapore-based CapitaLand’s The Ascott Limited subsidiary. The development will also feature an infinity pool, retail shops on the ground floor and 444 basement parking spaces.
Although foreign investors will be targeted, the law currently prohibits them from owning property in Myanmar. A proposed condominium law, however, aims to allow non-Myanmar citizens to purchase condos located on the sixth level or higher, provided that locals occupy 60 percent of the building.
Source Property Report
Consult-Myanmar’s Note: We have been getting alot of inquiries from Singaporean investors since the launch of 68 Residence in Singapore. Do take note that foreigners (i.e. if you are not a Myanmar citizen) are not allowed to buy property in Myanmar. Even the fabled condominium law that supposedly allows foreigners to buy condominium apartment above 6th floor is not being passed as yet as it is politically too sensitive.
You can see the location of 68 Residence on Google Map by here
Learn about the Office Rental and Service Office Market in Yangon at The State of Service Office Business in Yangon