HAGL Myanmar Centre on track for 2017 completion, first phase soft opening set for July

Construction in progress at the worksite of HAGL Myanmar Centre Phase I, for which a soft opening of office buildings and a shopping mall is scheduled for July.— Photo: Ye Myint
Construction in progress at the worksite of HAGL Myanmar Centre Phase I, for which a soft opening of office buildings and a shopping mall is scheduled for July.— Photo: Ye Myint

Yangon, 10 April—Construction is progressing as planned on the 73,000-square-metre Hoang Anh Gia Lai Myanmar Centre in Yangon, with completion of the final phase set for 2017, according to the Vietnamese developer undertaking the more than half-a-billion-dollar retail, office and residential project in Yangon.
Mr. Cao Duy Thinh, managing director of Hoang Anh Gia Lai Myanmar Co Ltd, revealed this information, along with the scheduled completion dates for the first phase and start date for the second phase, to The Global New Light of Myanmar on Friday.
“The project’s first phase, which is 90 percent completed now,  is slated to complete this September and the second phase is set to start after the country’s New Year water festival,” said the managing director, adding that a soft opening of office buildings and a shopping mall included in the first phase is scheduled to be held this July.
HAGL Myanmar Centre is the 100 percent Vietnam-backed project being developed on a 73,358-square-metre block including a five-star hotel, four office towers, a shopping centre, and five blocks of apartments. The development project began about two years ago.
The first phase includes two office towers, a retail mall, and a 400-room five star hotel, while the second phase comprises another two office towers, as well as three residential and two serviced apartments.
Rent will be priced at between $40 and $85 a square metre per month for shops and between $50 and $65 for offices, the managing director said.
When asked about the Singaporean real estate and investment firm Rowsley’s cancellation of its 50 percent stake in the $550 million property project, he confirmed the termination of the heads of terms agreement between HAGL group and the Singapore developer, but made no further comment.
“Actually, negotiation for Rowsley was done by a management team in Vietnam,” he said.
A February announcement from the Singapore-listed firm said Rowsley had decided to pour $275 million into a 50 percent stake in the project.
In 3 April press releases of HAGL Group and Rowsley Ltd, the two companies separately announced they had agreed not to proceed with the joint venture deal signed last February and would explore other potential partners.
Hong Kong investors have shown interest towards the project with many proposals, Mr. Cao Duy Thinh said.
Situated 11km from the airport and 7 km from downtown overlooking Inya Lake in Yangon, the HAGL Myanmar Centre project is being developed under a Built-Operate-Transfer model with a land lease term of 50 years, plus an option to extend the lease by 10 years, twice. — GNLM

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