The second phase of the massive Capital City project on Insein Road in Hlaing Township – which will comprise commercial buildings – will begin next year, said Kyaw Zayya, an engineer from Capital Development Company.
Owned by Dr Ko Ko Gyi, a member of the President’s National Economic and Social Advisory Council, the company is a unit of Capital Star Diamond Group, which has expanded swiftly under Thein Sein’s administration.
The Capital City project spreads across 12.7 acres. Its first phase, on track to be finished next year, comprises four condominium buildings and a parking lot on 3.4 acres. The second and third phases comprise commercial buildings, such as offices, serviced apartments and retail centres.
Company marketing executives said that 75 per cent the condominium flats had been sold at an average price of Ks 220,000 (about US$220) per square foot.
“We will finish the first phase in 2015. The second will start after we get the permit and the entire project will be finished in late 2017,” Kyaw Zayya said.
Capital Development won the tenders for construction of the Shwe Gone Daing flyover and Myae Ni Gone flyovers. According to the website of its parent firm, it is “bidding for more government projects”, such as roads, bridges, schools, government housing and offices.
Its unit Capital Automotive is the representative for Ford Motor Company and sole authorised dealer of Jaguar Land Rover in Myanmar.
Capital Diamond Star’s retail unit includes Capital Hypermarket and a chain of convenience stores it plans to expand to 800 within five years, according to its website. Its brands include Premier Coffee, Armo fertiliser, and Donpyan wheat powder. It has entered the insurance market and trades rice, corn and rubber. The conglomerate is positioning itself as a partner for foreign companies seeking joint ventures in Myanmar, according to its website.
Source: ELEVEN MYANMAR