Marga Landmark, a joint-venture of companies from Hong Kong, South Korea and the UK, will develop a $300-million mixed-use development project on 22 acres of land owned by the defence ministry in downtown Yangon.
Marga’s maiden project in Myanmar, Dagon City 1, will include branded retail zones, international standard A-grade offices, a five-star hotel and apartments, the firm said.
The complex, the product of a joint venture between Marga Group and local firm Thu Kha Yadanar, will be located at U Htaung Bo Circle, close to Shwedagon Pagoda, the Yangon Zoological Gardens and Kandawgyi Lake.
“I am sure that Yangon has all the right ingredients to become one of the top cities in Asia. Myanmar is transparent, progressive, and foreign investment-friendly. Marga is proud to participate in Yangon’s exciting journey to become a true cosmopolitan metropolis,” said Edgar Kwan, Marga Senior Executive Director and Chief Development Officer.
Previously, Edgar was involved in development projects in Hong Kong, the UK, China, the Middle East, Southeast Asia and Australia, oversaw the development of the new Four Seasons Hotel in Shanghai and the Pavilion in Kuala Lumpur.
Dagon City 1 is modelled after mixed-use developments like the International Commercial Centre in Hong Kong and Roppongi Hills of Tokyo, Marga Landmark said.
The development comprises eight-storey residential towers with apartments in various styles ranging in size from 600 square feet to 2,000 square feet, as well as a selection of penthouses.
The first phase of residential towers 1-4 will be launched in the fourth quarter of 2014, the firm said.
The luxury clubhouse will be equipped with facilities for recreation and entertainment, including a fitness centre, outdoor swimming pool, restaurant and indoor golf.
Marga said the complex will feature heavy green elements such as energy saving features, sustainable building materials, a large elevated sky garden and a central green area designed to promote long-term, healthy neighbourhood living for the city’s downtown area.
The firm said it will demonstrate its commitment by investing in CSR initiatives and contributing to Myanmar’s economic acceleration.
“Through Dagon City 1, we hope to create over 5,000 jobs for local Myanmar citizens, promote tourism, lift local consumerism, attract foreign businesses, and assist local businesses,” said John Barnes, Marga Director.
“With our flagship project, we can continue to promote Myanmar abroad and help attract foreign capital,” he added.
Dagon City 1 is jointly designed by lead architect Wong Tung & Partners and SPiNE, a local Myanmar design house. The project uses Meinhardt as its engineering consultant and Colliers as its property management consultant.
Marga said its team plans to share its international experience in finance, construction, and real estate development with local professionals in the field.
“Dagon City 1 will be Yangon’s new symbol of international progress,” said Alex Lau, deputy managing director and head of design of Wong Tung & Partners.
He said: “The development epitomises international cosmopolitan living and modern mixed-use design.
“Dagon City 1 seeks to promote harmonious integration of modern global architecture with traditional local designs, to initiate sustainable urbanisation.”