In another boost to Yangon’s business infrastructure as the country awaits a further influx of foreign investment, Shwe Taung Development Company is pressing forward with two new office-block complexes.
The Shwe Taung International Commercial Centre (SICC), at the intersection of Mahabandoola and Theinphyu Roads in downtown Yangon is already 70 percent leased, the company says.
The second, the Union Business Centre, will be on Natmauk Road within easy reach of a number of foreign embassies, as well as Kandawgyi Lake, Shwedagon Pagoda and Bogyoke Aung San Museum.
The company announced the launch of the two developments at Sedona Hotel last week.
“We have designed the buildings to suit financial institutions, international companies and high-class tenants. The location is convenient for banks, offices and the port,” said Mr Yip Kam Thai, deputy managing director of Shwe Taung’s real estate group.
The nine-storey SICC tower will comprise more than 190,000 square feet and 100 parking spaces.
The projected Union Business Centre will comprise one five-storey, 6000-square-metre building with two two-storey annexes with more than 500 square metres each, offering a total of some 90 parking spaces.
Mr Yip said prospective tenants included Japan-based companies, representative offices and small and medium enterprises.
Both the SICC and the Union Business Centre were designed by the Singapore-based P&T Architects. SICC tower is slated for completion in January 2014, and the Union Business Centre is expected to be completed next June, he said.