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2nd stage of HAGL Myanmar Center begins

Released at: 17:50, 21/03/2016

2nd stage of HAGL Myanmar Center begins

Construction underway on second stage of Yangon complex with completion expected by 2018.

by Nhi Linh

Construction of the second stage of the HAGL Myanmar Center began in Yangon on March 19, with investment of $230 million.

It has five 28-floor blocks with a gross floor area of 130,000 sq m containing 1,134 apartments and a gross floor area of 126,000 sq m for offices. Apartments in three residential blocks with 674 apartments in total can be leased for up to 70 years.

Though construction has just started about 30 per cent of the apartments have been leased already, said Mr. Doan Nguyen Duc, Chairman of the Hoang Anh Gia Lai Group. The apartments are to be handed over to customers by the beginning of 2018, he added.

The first stage of HAGL Myanmar Center opened last December, with two 27-floor office blocks with a gross floor area of 192,000 sq m, featuring the Myanmar Plaza shopping mall. Occupancy is up to 90 per cent and the remaining 10 per cent is under negotiation.

Occupancy in the two 27-floor office blocks is around 60 per cent, with large corporations such as Ooredoo, Huawei, CB Bank, Yoma Bank, Missui, and BIDV having signed leases, Mr. Duc said.

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