Work starts on HAGL complex in Myanmar city

HA NOI (Homeid)— Hoang Anh Gia Lai (HAGL) Group began construction of a US$440 million trade centre, hotel and service office complex in the Myanmar city of Yangon yesterday.

The ribbon-cutting ceremony of the project

Hoang Anh Gia Lai Myanmar Centre covers a total area of 8ha and is the company's largest investment project at present. It was financed by the Bank for Investment and Development of Viet Nam (BIDV), Eximbank and Sacombank.

Company chairman Doan Nguyen Duc said the project would be completed within six to seven years. He predicted that when operational, it would help meet the city's demand for such properties, which had become "very hot" since Myanmar opened its doors to foreign investment in 2011.

Office spaces in Yangon were being rented at $75-150 per sq.m per month, while a night in a hotel cost around $300, according to domestic press.

Hoang Anh Gia Lai Myanmar Centre covers a total area of 8ha and is the company's largest investment project at present.

 

Myanmar Minister of Hotels and Tourism H.E U Htay Aung said that the nation planned to hold many major events in the next few years, including ASEAN summits and tourism forums, so investment in hotels and other travel-related business had significant potential.

Last year, about a million international tourists visited Myanmar, an increase of 20 per cent over the previous year. The number was expected to reach 1.5 million this year, the minister said.

According to U Htay Aung, HAGL's investments represent 26 per cent of the total foreign direct investment capital poured into Myanmar's hotels and trade centres.

The company's total overseas investment capital amounts to about $1.5 billion. — VNS

How to Search for an Apartment for Rent in Hanoi (28/02/2024)

Precious paintings (21/11/2017)

Britain can become world’s richest major economy, says George Osborne (15/01/2015)

UK house prices at a standstill, says ONS (15/01/2015)

A LOOK AT SINGAPORE'S MILLION DOLLAR HDB FLATS (09/01/2015)

Northern Ireland house prices lowest in UK (06/01/2015)

How to Search for an Apartment for Rent in Hanoi (28/02/2024)

UK house prices at a standstill, says ONS (15/01/2015)

A LOOK AT SINGAPORE'S MILLION DOLLAR HDB FLATS (09/01/2015)

Northern Ireland house prices lowest in UK (06/01/2015)

Most Expensive Hotel Rooms in the World – The Top 5 (08/09/2014)

The Most Expensive Homes For Sale In the World Right Now (05/09/2014)