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Keppel Land to jointly develop Yangon serviced residences

Wednesday, September 7, 2016 - 18:36

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Keppel Land has entered into a conditional joint venture agreement with Myanmar’s Shwe Taung Group to develop premium serviced residences and offices in Phase Two of Junction City, a landmark mixed-use development in Yangon’s central business district

KEPPEL Land on Wednesday said that it has signed a conditional joint venture agreement with Burmese conglomerate Shwe Taung Group to develop premium serviced residences and offices in the next phase of Junction City.

This is a mixed-use development in Yangon's central business district. Keppel Land's investment in this next phase will be about US$48.6 million.

The collaboration follows Keppel Land and Shwe Taung's first joint venture to develop Junction City Tower, a 23-storey Grade A office building in the first phase of the project. This was topped off in May 2016. When completed early next year, the office building Junction City Tower will offer a net leasable area of about 33,400 sq m of prime office space.

In phase two of the project, Keppel Land will hold 40 per cent stake in the serviced residences and office component, which will offer a gross floor area of about 50,000 sq m. The development will also house the first Sedona Suites in Myanmar comprising about 260 serviced apartments.

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Construction of phase two of Junction City is expected to start in 2018. Ng Ooi Hooi, president, regional investments, Keppel Land, said that the group is confident of the long-term potential of Myanmar, and is committed to participating in and contributing to the growth of the country.

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