Myanmar: Keppel Land has signed a JV agreement with Burmese conglomerate Shwe Taung Group to develop serviced residences and offices in Junction City, Yangon.
Junction City is a mixed-use development in Yangon’s central business district. Keppel Land will invest around US$48.6 million in the project.
The collaboration follows Keppel Land and Shwe Taung’s first joint venture to develop Junction City Tower, a 23-storey office building in the first phase of the project.
In phase two of the project, Keppel Land will hold a 40 per cent stake in the serviced apartment and office component, which will have a gross floor area of around 50,000 square metres. The development will also house the first Sedona Suites in Myanmar, comprising 260 serviced apartments.
Construction of phase two of Junction City is expected to start in 2018. Ng Ooi Hooi, president, regional investments, Keppel Land, said that the group is confident of the long-term potential of Myanmar, and is committed to participating in and contributing to the growth of the country.
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