HomeInvestment & FinanceWhere Myanmar Plaza Came from and Where It Is Heading

Where Myanmar Plaza Came from and Where It Is Heading

The emergence of the Myanmar Centre Project

Yangon, the commercial capital of Myanmar, welcomed a 100% foreign direct investment from Vietnam’s Hoang Anh Gia Lai (HAGL) Myanmar in the form of the Myanmar Centre Project which began to take shape in 2013.

With the aim of giving a quality retail shopping experience, the project included the construction of an international retail shopping centre which was opened in 2015 and introduced to the public as Myanmar Plaza.

Prominent Retail Shopping Features

Having scored the hand-in-hand synergy of business and entertainment by comprising over 200 well-managed retail units, surrounded by Grade-A Office Towers and a five-star hotel, Myanmar Plaza was awarded the Best Retail Development Award by Property Guru in 2016. Such a feat was further enhanced by visitors who discovered the travel incredibly easy from across the city.

On the topic of convenience, one would usually stumble on a variety of promotion programs to attract shoppers of all ages. The shopping centre maintains a sunny outdoor space donned with a beautiful water fountain for seasonal celebrations while boasting a spacious indoor promotion area for marketing activities all year round.

Cosmopolitan Nature

Myanmar Plaza, in its mission to provide international shopping experience, has brought in world-renowned brands, luxury products, fashion and cosmetics, and a major supermarket together under one roof. Its double-floor car park serves hundreds of vehicles simultaneously.

Befitting a cosmopolitan city such as Yangon, Myanmar Plaza celebrates major international and domestic special occasions while frequently hosting Myanmar traditional and cultural exhibitions, thereby becoming a hub of cultural exchange.

Job Opportunities

Since its arrival in Myanmar’s retail market, Myanmar Plaza has been a source of employment in many ways. Starting with construction jobs during the implementation stage, the shopping mall afterwards continued to create thousands of employment opportunities via its retail units of renowned brand shops, restaurants, entertainment and marketing activities.

Business Expansion

 

Looking forward to the future, HAGL and Vietnam-based THACO Group signed a strategic cooperation agreement. 100% ownership of the Myanmar Centre Project was then transferred to THADICO, THACO’s subsidiary for Real Estate Development to further continue the project development. Ultimately, the expansion is expected to raise the urban living standards of the modern city and bring about more employment opportunities.

Initiative for Pandemic Preventive Measures

Starting in early March of 2020 when the COVID-19 pandemic spread to the country, Myanmar Plaza was the first shopping mall to roll out preventive measures such as temperature checking, placing hand sanitisers at every floor, disinfection at public areas and contact tracing, for the safety of visitors, tenants and their employees alike.

More significantly, the retail shopping mall invited pandemic-hit local SME businesses to plant their presence at plausibly affordable rates and sustained their business growth by giving access to high traffic of Myanmar Plaza.

 

CSR Activities

Since its inception, Myanmar Plaza has been providing care for local communities via its Corporate Social Responsibility (CSR) programs.

Previous activities entail donations to philanthropic organisations and relief efforts for flood-hit households from Mon State and Bago Region in the past years.

Very recently, Myanmar Plaza provided succour to destitute families from East Dagon Township of Yangon Region and donated funds for the renovation of Zabudipa Monastic Education School so the neighbourhood children to continue their studies despite any weather conditions.

What to Expect in the Future?

Myanmar Centre is gearing up to implement the second phase of the project to meet the evolving higher living standards of Yangon City. The new phase will include Grade-A office towers, commercial centre, Serviced Apartments, Residences, cinema, entertainment areas and more to embody the concept of “Everything under One Roof’.

Once completed and put into operation, local communities will be able to enjoy the benefits of higher living standards, in addition to bountiful employment opportunities as one would expect from a major commercial and business hub of Yangon.

 

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