Philippines-based Property giant Ayala Land Inc said it plans to launch its initial project in Myanmar next year.
Initial joint venture projects in emerging and frontier markets such as Myanmar, along with Vietnam, will allow the firm to learn more about the overseas property market, chief finance officer Jaime Ysmael told Filipino media.
Earlier this year, Ayala announced that it is pursuing a $30-million residential development in Myanmar through a partnership with a local property firm.
The firm will add some retail component to make the development a mixed-use one, he said.
The property firm’s move comes as it exits China following a slowdown in the real estate sector of the world’s second largest economy.