The project is set to include several 33-storey towers that will house residences, office space and a hotel on 8.4 acres. Phase 1 consists of four towers and is due for a September 2016 completion, while Phase 2 is to be finished in December 2017.
Phase 2 is to include five total structures at a cost of about US$80 million, out of a total cost of $230 million for the project. Unit prices are between $280 and $300 a square foot, for units ranging from 517 to 1516 square feet.
Golden City managing director Jeffrey Lu said Yangon’s real estate demand is still high, though there is less supply than in neighbouring countries.
“Not only local developers but also those from overseas will be making long-term investment in the real estate sector in Myanmar,” he said.
Golden City aims to fulfill some of the demand for residential and office space.
Mr Lu said that Myanmar has some ways to go to catch up with its neighbours. Yangon has only about 2 percent of the total office space of Kuala Lumpur, Malaysia, and about 5pc of Bangkok’s total hotel space.
A lack of supply in the domestic market helps keep prices buoyant, though if supply exceeds demand, prices would likely decline.
Mr Lu said Golden City company officials had been keen on the potential of the Myanmar real estate market.
After deciding to invest, it acquired land on build-operate-transfer terms.
“We want to be involved in real estate development in this country,” he said.
Source: MYANMAR TIMES
