Hong Kong-based hotelier Shangri-La Group said it has appointed American real estate services firm Colliers International as its sole leasing representative for its commercial complex development in Yangon.
The Grade “A”, 15-floor Sule Square Mall and Office is due for completion in 2016 and will provide 36,000 leasable square metres of combined office and retail space in downtown Yangon.
Shangri-La said the development will be Yangon’s first premium development to feature raised floor panels, with a floor to ceiling height of 2.7 metres to 3.2 metres, efficient lift systems and quality building management.
The retail component of the project encompasses a full-scale supermarket and about 30 shops, destination services, various dining outlets and 500-car parking space.
The development will also allow tenants and visitors a direct covered access to Sule Shangri-La, the Hong Kong conglomerate’s 479-room hotel in the commercial hub of the country.
“When the Sule Sqaure Mall and Office Tower opens next year, the project will enable Shangri-La to operate a centralised facility with integrated services for the community at one convenient location,” Phillip Couvaras, area manager of Shangri-La said.
The payment term for Sule Square spaces will be on advanced six-month rent basis, while clients have to pay an initial security deposit of one month’s base rent on terms sheet, and a second security deposit of two months’ base rent on execution of lease.
The electricity for the development will be Yangon Electricity Supply Board (YESB) sourced, measured by meter at YESB rate plus an additional 10 percent surcharge.
Tony Picon, managing director of Colliers International in Myanmar, said, “The unveiling of a truly international grade office tower in Yangon will be a significant milestone in the country’s real estate sector that ticks all the boxes such as abundant parking, ceiling height, convenient accessibility and quality management.”