Bangkok-based hotel and resort company Dusit International is planning to grab a share of Myanmar’s booming property market through the opening of dusitD2 Residence in Yangon.
The hospitality company has more than 10 properties under planning and development in Myanmar, according to Thai media reports.
The hospitality company is planning to take advantage of Myanmar’s opening up, which has resulted into a property boom in the Southeast Asian country.
This year, the country targets a sharp increase to 3 million arrivals from 2.04 million last year. Yangon International Airport, the country’s main gateway, recorded more than 500,000 travellers in the first half of the year.
The hotel and serviced apartment project, which is a joint investment with a Japanese firm, will target long-stay guests and corporations with businesses in the city, supplemented by holidaymakers.
Some multinational companies have opened offices in the country, but there is a dearth of hotels and serviced apartments to house their executives.
According to Myanmar’s Hotels and Tourism Ministry, there are 1,000 hotels with 38,722 rooms, of which only six hotels are five-star. The rest comprise 17 four-star, 83 three-star, 116 two-star and 102 one-star hotels, along with 599 ministry-approved hotels, motels and inns.
Established six decades ago, Dusit International now runs 21 properties in countries including the United Arab Emirates, Egypt, China, India and the Philippines.
They come under four major hotel and resort brands – Dusit Thani, Dusit Devarana, dusitD2 and Dusit Princess.