HAGL begins presales of residential towers

HAGL Myanmar has begun presales for its 32-storey residential buildings, as it nears finishing its first phase of office space and a hotel.

The HAGL Myanmar Centre on Kabar Aye Pagoda Road near Inya Lake and the Sedona Hotel is owned by Vietnam’s Hoang Anh Gia Lai. Earlier this year, the entire project was valued at US$550 million through a joint venture bid by Singapore’s Rowsley, though the deal eventually fell through.

The three buildings to comprise HAGL Myanmar Centre’s The Lake Suites are to be about 32 storeys tall with 666 individual units and 12 penthouses when building wraps up in the first quarter of 2017, according to information on lead agent Slade Property Services’ website. The Lakes Suites is part of the HAGL Myanmar Centre’s second phase.

HAGL Myanmar managing director Cao Duy Thinh said the centre is the first integrated mixed-use development to international standards in Yangon.

“The mission of The Lake Suites is to put the luxury of everything under one roof and offer contemporary, premium facilities that complement every lifestyle,” he said.

The units vary in size, with one bedroom units a total of 68 square metres, two bedroom units 88 square metres, and 3 bedroom units 119 square metres. While company officials did not reveal pricing to The Myanmar Times, local media reports units are on sale for K300 million (US$270,000) to K600 million each. Ko Htun Htun, an agent at Phoenix Real Estate, said the price is in line for current trends in the condominium market.

The Lake Suites is designed to be earthquake-resistant, following international safety standards, and is slated to include a central waste disposal, a water filtration, 24-hour guards and integrated security surveillance. Amenities includes a swimming pool, a tennis court, a club house, a pool for children, playground and a BBQ area, the company said in a press release.

The building is one part of the large HAGL Myanmar Centre. The centre’s first phase is nearing completion, and includes office space and eventually a five-star Melia hotel. It will also eventually include a supermarket as well as local and international restaurants.

Phase 2 of the projects includes two more office towers and five residential blocks.

Source: Myanmar Times

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