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Golden City opens grade-A office tower in Yankin

Golden City officially opened Golden City Business Center (GCBC),which is a four-storey office tower in Yankin township, Yangon, on October 17.

The development has a net leasable area of around 150, 000 sq ft. Office rooms of around 1,044 sq ft to 12,755 sq ft in size are available for long term leases.

Golden City is a $290 million luxury condominium project which commenced development in March 2014. It is the first completed luxury condominium in Yangon. Phase 1 of the Golden City project comprising four residential towers was successfully completed and handed over in December 2016. GCBC will be added to this phase of the development.

Phase 2 of the development, comprising three residential towers, are currently under construction and expected to be completed during the first quarter of 2018.

Developed by Golden Land Real Estate Development Co, the grade-A GCBC is already 70 percent rented out to tenants including China International Trust Investment Corporation (CITIC) and Myanmar Fiber Option Communication Network.

GCBC is openng at a time of a growing demand for office buildings in Myanmar. As the economy develops, existing firms are scaling up their operations and seeking new and bigger offices to expand. This has been evident among large office occupiers such as IT companies, legal and accounting firms or banking and finance, according to Colliers International.

Meanwhile, small and medium-size enterprises are moving from non-office spaces such as condos or housing units and relocating to proper offices.

GCBC is also ideally located in Yakin township, which is targeted by the Yangon City Development Committee (YCDC) as a proposed new business district in accordance with the Yangon City Master Plan’s guidelines.

Source: Myanmar Times

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