South Korean conglomerate Hanwha Corp is making headway in their project to build a massive three-tower inclusive community called Tritone in the 8-mile area of Yangon.
While the construction may be in its infancy, the firm claims that customers have been lining up to purchase the ultra-luxurious condominiums to be completed in late 2018; new owners can expect to move into their units in early 2019.
Nearly 100 units have already been sold, according to Aung Kyaw Moe, senior manager of Hanwha’s marketing division. If the buyer’s apartment isn’t ready due to unforeseen complications in the construction, the buyer is guaranteed the Central Bank of Myanmar’s current interest rate (which sits at 13 percent presently) on the amount of money they have already invested into the new apartment.
The three-tower plaza will dedicate one tower for mixed-use purposes such as office and living spaces combined. The other two towers will be restricted to living spaces only. All three towers will be supported by a five-storey underground car park as well as an additional six levels of shopping and entertainment enterprises.
“Our target customers are Myanmar people, but there will be other countries coming in to invest in the emerging market,” Aung Kyaw Moe told Myanmar Business Today.
The company is also hopeful for an influx of foreign investments coming to Myanmar in the next few years, but even without it, the company expects to have 90 percent of their units sold before they officially open.
The tower’s location is critical for those involved in the business world due to its proximity to Yangon International Airport as well as other surrounding businesses that accommodate the needs of everyday life.
Aung Kyaw Moe said he envisions the area surrounding Tritone becoming a centre of business in Yangon, citing the difficulties and congestion of working in downtown Yangon.
The prices of the condos ensure a certain level of affluence from its clientele, boasting prices ranging from $450,000 to $630,000 for an condo. If customers really want to live the high life, they can dig deep for the $1-million penthouses.
The company offers a zero-percent financing plan in which the buyer will pay off the entire cost of the unit over the course of 36-months, however, Aung Kyaw Moe said some situations in purchasing might be able to be negotiated.
One of the most enticing parts of the apartment complex are the birds-eye view of Yangon as well as the drinkable tap water, a luxury nearly no one in Myanmar can count on.
Hanwha showcases its apartment models of the triton towers at their showroom on Pyay road in Mayangone township.
Source: Myanmar Business Today
