Vietnamese conglomerate Hoang Anh Gia Lai (HAGL) Group has announced the completion of Phase-1 of its $440-million HAGL Myanmar Centre project in Yankin township in Yangon.
The first phase includes a trade centre, two 27-storey office towers and a five-star 23-storey hotel with 429 units.
HAGL said the second phase of the project is expected to be completed by the second quarter of 2017. During this period, the group will build four 28-storey towers that will have 1,800 apartments and office areas for rent.
HAGL has invested in the project with financial support from the Bank for Investment and Development of Vietnam (BIDV), Eximbank and Sacombank. The project is currently the largest Vietnamese investment in Myanmar.
Cao Duy Thinh, managing director of HAGL Myanmar Centre, said, “It is proof that we believe in the potential of Myanmar. Myanmar Centre would like to be a part of the growth of the economy. We believe that we are offering high-quality housings and office spaces with fair price to our customers.”
The group’s chairman Doan Nguyen Duc said a part of the project will be allocated for Vietnamese investors to open their business in Yangon.
According to local media reports, HAGL has reached agreement with several companies to rent office spaces, including Malaysia’s Petronas, Vietnam Airlines, Thai Airways and BIDV.
The average leasing price per square metre of office space at the centre is $62 per month, and rent for the project’s trade centre is between $45 and $50 per square metre.