Development waves hit Myanmar’s regional cities

YANGON — Large mixed-use projects are under construction in Mandalay and other regional cities across Myanmar as developers broaden their focus outside of Yangon, the country’s largest city.

Local real estate giant New Star Light Construction is slated to complete a commercial-residential complex in Mandalay this year, the biggest in the nation’s second-largest city. The 200 billion kyat ($147 million) Mingalar Mandalay project occupies roughly 20 hectares. The initial-phase development, involving a shopping mall and condominiums, was finished in 2014. The second phase will see construction of a 12-story office tower, luxury condos and a five-star Pullman hotel from French group AccorHotels.

New Star Light also is building one of Myanmar’s largest convention centers in Mandalay, on track to finish foundation work by spring. In Muse, a city in the northeastern state of Shan, the company is working toward developing a commercial district by 2022. The roughly 120-hectare project, costing more than 100 billion kyat, will contain a shopping center and upscale housing, with a wholesale market and international convention center on adjacent sites.

Muse and Mandalay sit along a major artery stretching to China. The area’s economy is anticipated to benefit from border trade, as the government led by State Counselor Aung San Suu Kyi, which was formed last March, emphasizes stronger ties with Beijing. Closer economic links between China and Myanmar will boost the importance of Mandalay, said Kyaw Kyaw Win, president of New Star Light.

In the Shan capital of Taunggyi, leading Vietnamese conglomerate TBS Group is set to begin sales for its Taunggyi Business Center. The complex houses four five-story condo buildings, more than 70 retail spaces and a supermarket operated by domestic industry leader City Mart. TBS expects demand from investors in China, Thailand and elsewhere.

Hong Kong player H&Co Real Estate Holdings has broken ground in the southern Ayeyarwady Region on Platinum Pathein, which will consist of a three-star hotel and condos. H&Co will spend $200 million with local company Mya Bay Development on the seven-hectare project in Pathein, a port city near the Bay of Bengal and Ngwe Saung Beach, famous for picturesque views. H&Co and Mya Bay also are developing a resort near Ngwe Saung.

Source: Nikkei Asian Preview

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