A new commercial centre has opened in Yangon, one peg of a Vietnam-backed construction project that will eventually encompass a five-star hotel and five blocks of residential housing.
Myanmar Plaza – part of the HAGL Myanmar Centre now under construction on Kabar Aye Pagoda Road – opened for business on December 5.
The HAGL Myanmar Centre is owned by Vietnam’s Hoang Anh Gia Lai, and earlier this year the entire project was valued at US$550 million, as previously reported by The Myanmar Times.
The new plaza spans five floors and houses more than 100 retail locations – with nearly one-third of them offering food. Customers can also find local and international beauty and fashion shops within the pavilion.
Despite renting almost all the plaza’s available space, not all the stores inside have opened their doors, with about 40 percent still waiting to turn the lights on, said HAGL Myanmar sales and marketing director Le Thi Kim Hoa.
“All shops will be opened this coming January,” she said.
One of 10 shops in the plaza is still available for rent. The average rental rate is $40 per square metre, according to Ms Le Thi Kim Hoa.
The plaza will also include the Life Square IT shopping mall, which will bring together more than 33 local and international electronics brands.
Myanmar Plaza’s opening represents progress for the Vietnam-backed venture. Construction at the centre is divided into two phases. The first comprises the building of two office towers, Myanmar Plaza and a five-star hotel from Spain’s Meliá Hotels International. The second will see two more office towers and five residential blocks go up.
It is anticipated the project will finish in 2017.