To meet growing local demand for residential units, the Riverfront Garden Real Estate project constituting of commercial and residential spaces as well as recreation facilities has been implemented in Hlaingthaya Township in western Yangon.
With the approval of the Yangon Region government, the Southern Metal Industry Real Estate Development Co is constructing the US$650 million project in two phases. The phase one consists of a 10-acre project area. Its development will cover 13 structures including four 17-storey high-rise buildings, one 15-storey building, one 23-storey structure and seven 31-storey towers. It will result in 1,713 apartments. The phase two will be developed within a 21- acre space and will include 11 31-storey towers and ten 16-storey structures to produce 2,750 flats. The new development scheme with a capacity to house a population of approximately 18,000 also a three-acre commercial area, swimming pools, Riverside Park and playgrounds.
The 31-acre project is planned to finalise within five to six years, said U Zaw Tun Aung, managing director of Southern Metal Industry Real Estate Development Co.
Works to build a 4.8-meter long riverbank retaining wall has been initiated at the target area, with developers planning to construct the project with the use of about 200 local and foreign engineers as well as 3,000 workers.
The Myanmar Investment Commission approved the development project last July.
Source: The Global New Light of Myanmar
