Naing Group to build KBZ office tower
Volume 31, No. 615
February 20 - 26, 2012
An artist's impression of Kanbawza Tower, which will be built by Naing Group Construction.
NAING Group Construction announced that it had been contracted to build a K20 billion (US$25 million) multi-use tower for Kanbawza Group of Companies at the corner of Pyay and Bargayar roads, near the Myaynigone junction in Sanchaung township.
U Zaw Naing Oo, chairman of Naing Group, said during the launch ceremony at Traders Hotel on February 14 that the tower would be built in three years, with work expected to start on August 1.
“We will build Kanbawza Tower as one of our luxury developments that will reflect a modern lifestyle,” he said. “We aim to complete this 16-storey high-rise project within three years.”
He added that customers could buy office or residential space in the development through hire purchase arrangements with Kanbawza Bank. He said hire purchase buys would require a 30 percent downpayment with the remaining 70pc to be paid off over four years.
U Htet Naing Oo, an architect from Myanmar New Generation Design Group, said at the ceremony that the tower was a mix of office and residential space and would include penthouse apartments at the top.
“The ground floor, first floor and second floors will be taken up by Kanbawza Bank, while the third to fifth floors will be set aside as modern office space that include energy saving glass panels,” he said.
He said the top floor would include an infinity swimming pool, a restaurant, sauna, spa and gym.
The two-level basement would include parking for more than 60 cars and the tower would include three 13-person elevators.