YANGON — Singapore-based developer Keppel Land will buy a 40% stake in a multi-use tower going up here from Myanmar-based Shwe Taung Group.
The 23-story tower will be completed in 2016. It will house offices, a five-star Pan Pacific Hotel, a shopping center and residential units. The tower is located in the city’s center, along Shwedagon Pagoda Road near the famous Bojoke Aung San Market and Sule Pagoda.
Keppel Land will pay $47.4 million to the joint venture developing the tower on 6.5 acres of land. The total costs are estimated at $118.5 million.
The Shwe Taung Group runs hotels in Yangon and Naypyitaw. It has built flyover bridges in Yangon. It is involved in energy, concrete, condominiums, supermarkets and even massive construction projects such as the Myanmar International Convention Center, in Naypyitaw.
This is not Keppel Land’s first step into Myanmar. It manages the Sedona Hotel chain in Yangon and Mandalay.
Source: NIKKEI ASIAN REVIEW
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