doing business in myanmar – what you need to know as a singaporean
YOMA STRATEGIC Holdings Ltd announced yesterday the launch of Yoma Land, a property-focused company that will unify all their real estate projects in Myanmar, according to Cyrus Pun, the firm’s managing director.
Speaking to a small group of invited journalists, Pun said, “By grouping all our real estate projects under one umbrella brand, one identity called Yoma Land, we hope to achieve that our customers fully understand we are extremely serious and passionate about real estate and a company that only focuses on residence and being a community builder.”
“We focus on doing new things and bringing new ideas to Myanmar to improve the whole industry. We did that in the past, and we will be continuing to do that in the future. That is what we are most passionate about.” Pun said all the existing real estate developments namely, Pun Hlaing Estate, StarCity and Yoma Central, would be unified under the new brand. The firm will continue to implement luxury residential buildings as well as to explore new opportunities to accommodate more “mass market housing”, bringing home ownership to many more people.
“In the past, we concentrated on high-end market. Going forward, we also want to look at building more mass market housing so that more of the population can enjoy the benefits,” he said.
According to Pun, the firm currently engages with a wide range of people to really understand very different needs so it can create low cost housings in Myanmar.
“This is going to be a big direction for Yoma Land to bring mass market products here. Hopefully, we will be doing much lower cost housing. We will go step by step in that direction,” he said, pledging to maintain its good quality.
Additionally, the firm will continue to maintain its leadership position in the nation’s high-end property market. As of March 31, the firm has sold more than 2,000 apartments in its StarCity large-scale residential development near the Thilawa special economic zone. Galaxy Towers, which is in the third phase of development, has six residential towers with 1,038 apartments available for sale.
It also aims to fully complete another mixed use development in downtown Yangon within three years. Designed by prominent architect, Cecil Balmond OBE, Yoma Central will feature the Peninsula-branded luxury residences which will include two Grade A office towers, a hotel, serviced apartments and a retail podium. The site will be anchored by the former headquarters of the Myanma Railways Company which will be restored into a luxury hotel named The Peninsula Yangon.
Commenting on the firm’s growth in Myanmar, Pun said, “For the last 20 years, there are a lot of ups and downs here so not every single year is good. In some years, the business was good but it was bad in some years. The market growth will depend on what happens to the country. I believe that in the long term, we will robust a strong growth opportunity and in the short term, it is going to be quite rocky.”
“I do not necessarily wake up every day about how we compare the return of money here to that in other countries. I only look at whether we are growing in the right pace and how we will fulfill our targets,” he said.
“In the past few years, both First Myanmar Investment Co and Yoma Strategic ventured in many different types of businesses. Before that, we very much focused on banking and real estate. Now we are doing a lot more other things as well.”
Source : Eleven Myanmar
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