Yangon's downtown skyline will soon have another 20-storey tower to join Sakura Towers, Traders Hotel and Centrepoint Towers following a ground-breaking ceremony for a new project last week.
When it is finished, the US$100-million Traders Square commercial complex will offer a mix of offices and retail as well as hundreds of parking spaces in its central downtown location alongside Traders Hotel at the corner of Sule Pagoda and Anawrahta Roads.
The project will have a total floorspace of 58,000 square metres.
The ground-breaking ceremony was held on November 14 at 3pm and was attended by Yangon Region Chief Minister U Myint Swe, the board of directors of Traders Square Company and members of the Kuok family, which owns the Hong Kong-based Shangri-La Hotels and Resorts group.
U Myint Swe delivered a speech before a giant drill was ceremonially switched on and plunged some inches into the ground.
Ms Kay Kuok, director of Traders Square Company, also spoke to mark the occasion, thanking the Quartermaster General for leasing the land for the project.
“In 1996 we opened Traders hotel, the first investment for our group in Yangon,” she said.
“Shortly afterward we began the construction of two residential towers on the Shangri-La site opposite Kandawgyi Lake.
“We are hopeful that by next year they will open as residential apartments. In those early days we faced many challenges but we never lost our confidence that before long our investments here in Yangon would succeed and grow. We are very happy that now the time has come.”
Ms Kay Kuok said Traders Square would have 14 floors of office space, two levels of mixed retail and restaurant space, and six floors of car parks above and below ground for more than 600 cars.
She added that the company hoped to have the building finished by mid-2015.
“We are excited and hopeful that as we now dig our first pile that very soon we will be proud to add a new and successful landmark to the city of Yangon.”