A subsidiary of Singaporean property developer Oxley Holdings has signed an agreement on a Myanmar project to develop a property in its commercial hub Yangon.
Oxley Myanmar will build a 20-storey commercial and residential development, Min Residence, in Mayangon township in northern Yangon.
The project, which will be on a 3,185-acre (1,289 hectare) plot of land owned by U Yang Ho, will take about three years to finish.
Oxley will pay for the construction cost of the project, to be determined after contracts are awarded to contractors and design consultants, the firm said. It will clear the land, procure all construction works, appoint engineers, design and advise on the marketing of the project, the firm added.
Oxley said it will split profits evenly with the land owner after deducting from sales proceeds a “land utilising cost” of $58.9 million, and all construction costs and government taxes and fees, as well as other expenses.
Late last month, Oxley Holdings Ltd announced acquisition of 500,000 ordinary (or 50 percent) shares in Oxley Myanmar Pte Ltd, making Oxley Myanmar a wholly-owned subsidiary of the group.