First Myanmar Investment Co Ltd (FMI) and Lighting Specialist Co Ltd (LSC) have struck a joint venture deal to develop a high-end property in the country’s capital Naypyitaw.
At a total cost of approximately $24 million, construction of KrisPlaza is scheduled to start in early 2015 with completion earmarked for the third quarter of 2016, local conglomerate FMI said.
“The real estate sector continues to be an important part of FMI’s portfolio and KrisPlaza in Naypyitaw is a natural progression,” said U Linn Myaing, FMI’s Chief Operating Officer.
The apartment complex, which will span 1.25 acres of prime land in the nation’s capital, is located in Zabu Thiri township in Naypyitaw – an area close to government and ministerial offices, and near three hospitals, the Jade Museum, golf courses, the hotel zone and Tha Pyay Gone market.
The two-tower, 10-storey development will include 114 apartments, a basement car park, swimming pool, retail plaza and Yoma Bank’s regional headquarters.
While KrisPlaza is FMI’s first development in Nay Pyi Taw, FMI has other premium residential spaces in Yangon including Star City, FMI City and FMI Centre.
FMI said a considerable pent up demand has caused an influx of enquiries about the project, as many businesspeople and government officials see the opportunity to own a luxury apartment residence to accommodate their frequent trips to Naypyitaw while at the same time utilising it as a base for business to accommodate their executives and office equipment.
LSC, a lighting solutions provider with the brand-name Krislite, recently expanded their business portfolio in Myanmar with property development in Yangon including CCPT, a 20-storey hotel and office development in Strand road and a 8-storey HQ Building in Pyay road.
“Krislite with LSC has been operating in Myanmar for more than … and understand the market which makes them an ideal partner for this joint venture,” U Linn Myaing said.
The joint venture company is LSC-FMI Co Ltd.
“Building on the strong capabilities in development and construction of our partnership, we will offer a high quality and cost effective product to new home owners in Myanmar,” said Kyaw Moe Naing, managing director of LSC.
The joint venture development combines ID Architects from Singapore, local firm Edgewise Architects and CTMCC-HTE as constructor. Other consultants involved in the project include civil and structural firm Aurecon, MEP Consultant and quantity surveyor Structon.