Emerging Towns & Cities inks contract with Huawei to lease 147 apartments in Myanmar, expected rental income totals US$7.7m

CATALIST-LISTED property developer Emerging Towns & Cities Singapore (ETC) has clinched a contract with Huawei Technologies (Yangon) to lease 147 luxury apartments in Myanmar for three years.

The contract is expected to generate a total rental income of US$7.7 million (S$10.6 million). The units will comprise a combination of one to three-bedroom apartments in ETC's Golden City mixed-use development in the Yankin Township of Yangon.

The apartments will be leased out for two years, with an option to renew on the third. The lease will commence on June 1, 2019 and expire on May 31, 2022 should the option for renewal in the third year be exercised.