UOA ventures into Myanmar property market

UNITED Overseas Australia (UOA) has joined the growing list of global companies venturing into the emerging Myanmar market.

Yesterday, the Australia and Singapore listed property-related company said that it has formally agreed to pay US$24 million for an 80 per cent stake in a Myanmar company which owns and has the rights to develop 2.414 acres (0.977 hectare) of land in Dagon Township, Yangon region.

UOA estimated the cost of the first development project comprising commercial and residential areas will be US$80 million, which will be funded from internal cash flow.