Shopping plaza and serviced apartment bloc to be built in Nay Pyi Taw

Plans have been unveiled for a luxury service building with 114 apartments, plus a shopping centre and the Yoma Bank headquarters, to be built in Nay Pyi Taw early next year.

Kris Plaza will cover prime land in the capital close to government and ministerial offices, the hotel zone, jewellery showroom and Nay Pyi Taw Myoma Market.

The First Myanmar Investment (FMI) and Krislite Lighting Specialist will jointly run the project, which is earmarked to finish in mid-2016.

FMI Co Ltd is has been the developer of some massive housing complexes in Yangon, such as: FMI City, FMI Centre, Pan Hlaing Golf Estate and Star City.

Pre-orders for flats in Kris Plaza will be received until October 30, 2014.

“Nay Pyi Taw is seeing increasing residents and it’s good to have more housing projects,” a resident in the capital said. “But working and middle class people still can’t approach this, as most of serviced apartments are expensive and meant for a certain class.”

With Nay Pyi Taw being where the government office is based, serviced apartments aimed at foreign company officials and embassy staff have been developed recently.

There are plans to build low-cost housing projects in Nay Pyi Taw, but locals have yet to see any sign of such developments starting.


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