Wednesday, July 26, 2017

Condo developers banking on diaspora dime

The developers behind a planned 27-storey luxury Yangon condominium project say they expect Myanmar expats living in Singapore to make up a significant share of their buyers following sales events planned for later this month.

The developers including United GP Company will hold events in the city later this month to promote its 369 apartment 68 Residence development in Yangon’s Bahan Township on the corner of Kabar Aye Pagoda and Sayar San Roads.

“We want to launch our condominiums in Singapore for Myanmar people who live in Singapore and international investors, because they will be built to international standards and be an icon in Yangon,” said U Aung Kyaw Win, chair of United GP Development.

Foreigners are currently not allowed to own property in Myanmar, though a draft version of the condominium law currently under consideration allows foreigners to purchase places on the sixth storey or above – provided foreigners make up less than 40 percent of the building’s total occupants.

Singapore is home to a large Myanmar diaspora, with some estimates ranging as high as 150,000. The community may be smaller than Thailand’s Myanmar communities, but members are often considered to be more affluent.

Construction on the 68 Residence project is planned to begin in September and wrap up in 2017, with total costs estimated around US$150 million. Of the 369 units, 153 will be service apartments managed by The Ascott Limited, a subsidiary of Singapore-based CapitaLand.

The project includes a number of amenities including ground-floor retail outlets, an infinity swimming pool and 444 spaces in a basement carpark.

68 Residence is designed by Malaysia’s Zone Architect and construction will be managed by SoilBuild Group from Singapore.

Correction: An earlier version of this article misstated the role of CapitaLand in the project.