LSC-FMI Co Ltd, a joint venture between First Myanmar Investment Co Ltd (FMI) and Lighting Specialist Co Ltd (LSC), has opened its sales gallery of KrisPlaza in Naypyitaw.
KrisPlaza is a $24-million residential and commercial development in Myanmar’s capital Naypyitaw, a part of the firm’s push in the growing new capital of the country.
The high-end apartment complex in Naypyitaw, located in Zabu Thiri township, will span 1.25 acres of prime land. The two-tower, 10-storey development will include 114 apartments, a basement car park, swimming pool, retail plaza and Yoma Bank’s new regional headquarters.
Sales for KrisPlaza kicked off in Yangon in March this year. LSC-FMI said “many of the 114 condominiums have been sold with many potential buyers expressing their interest.”
Myanmar’s 10-year-old new capital, with its 24-hour electricity and well-planned traffic network, has been witnessing huge growth as Myanmar opened up in 2011. Construction of hotels and inns, numerous shopping complexes and waterparks are going on, while the city has been hosting major conventions, gathering such as the ASEAN Business Summit, the ASEAN Summit and the East Asia Summit.
“… Naypyitaw has a great and prosperous future, and KrisPlaza will become part of that future,” said Gabriel Cheng, group head of sales and marketing, FMI.
U Kyaw Moe Naing, managing director of LSC, said, “Naypyitaw is the city with the best infrastructure in Myanmar, embracing herself to be an advanced city as the capital of the nation. We anticipate embassies, international schools, hospitals and commercial complexes to be set up soon. KrisPlaza will be a convenient and secure home and office for Myanmar and foreign companies and individuals in this city.”
Construction for KrisPlaza is set to complete in the third quarter of 2016.