Singapore-based Keppel Land Ltd said it will buy a 40 percent equity stake in a company developing an office tower in Yangon for $47.4 million.
Keppel Land will initially contribute $200,000 and later a further $47.2 million for the stake in City Square Office Co, the SGX-listed real estate developer said.
The rest of the company will be held by local firms Shwe Taung Junction City Development Co and City Square Development Pte Ltd.
The joint venture firm will develop an office property on a 6.5 acre site on Bogyoke Aung San Road and Shwedagon Pagoda Road in the Pabedan township in Myanmar’s commercial hub.
The total development cost of the project is estimated at $118.5 million, Keppel Land said.