More mixed-use projects springing up in Yangon
12 October 2018
Over the last few years, more and more building projects featuring a combination of residential units, hotels, shopping centres and office spaces have been coming up around the city.
The projects, called mixed-use developments, will add to the vibrancy of the city although there are those who fear they will compound the traffic situation.
The following are some of the projects that will emerge soon in Yangon.
The Peninsula Residences Yangon
The project is being developed on a four hectare (10 acre) site in downtown Yangon at the junction of Sule Pagoda Road and Bogyoke Aung San Road. Work began on February 16, 2017 and the sales of the apartments were launched on March 24, this year. The Peninsula Residences Yangon has 96 residential units and is expected to be completed in 2021.
The 26-floor project will include international-standard, fully serviced, ready-to-stay apartments in two- and four-bedroom layouts and also penthouses.
The residences are also part of a project to repurpose the colonial-era Myanmar Railways building as the Yoma Central development. Two Grade A towers housing offices and a hotel will also be built together with a retail complex.
According to its marketing material, the Yoma Central project is inspired by Myanmar’s culture and historical architecture and the building designs are drawn by world-class architects.
The Peninsula Residences Yangon is a partnership between Meeyahta Development Ltd and Hong Kong and Shanghai Hotels Ltd.
Currently, purchase of units in Peninsula Residences is by invitation only and it is believed that the price for a two-bedroom unit starts from US$1.2 million (K1.9 billion).
Luxury residential projects are also appearing in the outskirts of the city. Across the Yangon-Thanlyin Bridge, three zones have been designated for the Star City project.
Construction has been completed for Zone A and Zone B and work on Zone C is currently underway. The six-building Galaxy Towers complex, with 1038 residential units, takes pride of place in Zone C. Of the six towers, towers 2 and 4 have been opened up for sales of units.
The project, which started in 2010, is now almost finished, said Star City Housing Project Assistant Sales Manager Daw Theint Su Mon.
There are also plans to start work on a project that will feature more affordably priced housing units by the end of this year.
The overall Star City project covers 197.5 hectares and is one of the largest in the Yangon area. It even features a golf course and international school in the Thilawas Special Economic Zone.
68 Residences Housing Project
A project by United GP Development Co Ltd, the property development arm of Golden Palace Jewellery Group, is located on Kaba Aye Pagoda Road, Bahan Township and is 70 percent complete.
United GP Development Chairman Dr Aung Kyaw Win said that the project will be completed by next August.
Construction work started in October 2014 and although there were pre-construction sales, the exact number of units taken up can’t be announced yet, he said.
The luxury condo project is built on inherited land so the buyers will own the land and is said to feature high-tech materials and technologies.
The project on a one acre site is being done with international construction companies and is located at the junction of Kaba Aye Pagoda Road and Sayar San Road near Shwedagon Pagoda, Inya Lake, Pearl Condo. The location gives it easy access for business, education and transportation.
HAGL Myanmar project
Originally designed as a high-end housing project, The Lake Suites by Hoang Anh Gia Lai Myanmar Co Ltd in Yangon has been revised, said the company’s officials.
The first phase of the project, which includes Myanmar Plaza and Melia Yangon, was completed in two years. The second phase with five buildings is expected to start in first quarter of 2019.
HAGL Myanmar said in an announcement that the project will offer more than 30,000 square feet of office space, movie theatres, an entertainment centre, hypermarket and international shopping mall.
The project’s design is being changed in order to provide a more parking space and a traffic control system to help reduce traffic congestion.
A new sales showroom for The Lake Suites will be opened at the project site in first quarter of 2019. The previous showroom on University Avenue in Bagan Township will be closed at the end of October this year.