Rowsley investing US$275m in Myanmar real estate tie-up

FACED with oversupply headwinds for its yet-to-be launched major and only residential project in Malaysia's Iskandar, Rowsley is now joining the growing bandwagon of Singapore firms betting on Myanmar's real estate.

The Singapore-listed firm that is part owned by tycoon Peter Lim said it has signed a heads of terms agreement with one of Vietnam's largest conglomerates Hoang Anh Gia Lai (HAGL) to invest US$275 million (S$375 million) for a 50 per cent stake in a firm that is developing a sizeable mixed development project in Yangon.

Rowsley, which also has the option to raise its interest in the joint venture down the road, said it will fund the investment through a mix of debt, equity and bank borrowings.