In the city of one of the poorest country in the world, Myanmar, a massive development with at least 20 residential towers, waterfront restaurants and 18-hole golf course, is set to become a possible scene of a future Myanmar.
Star City, a project between local developer Serge Pun & Associates and its Singapore-based affiliate Company, Yoma Strategic Holdings Limited, can be said to have woken up the potential of the property market in the country. Soe Thiha Hlaing, director of sales at Star City said that they are inventing the market in Myanmar. The Group is already planning for another mixed-use development in downtown Yangon with with two grade-A office towers, a five-star hotel and condominium, a mall, and other properties
Other than Yoma Strategic Holdings Limited, the country has attracted serious investor attention from both local and foreign developers. Global hotel chains including Marriot International, Starwood Hotels & Resorts Worldwide have expressed their interest in the market. Shangri-La Hotels and Resorts is already working a on a pair of 21-storey serviced apartments residential towers set to open in 2013. And the development projects do not stop here. More projects are pressing forward while some developments already in progress, read more about them here.
However, several big issues are standing in the way to a full-fledged real-estate boom. Myanmar’s primitive networks and antiquated financial sector will make it hard for international firms to manage development deals. On top of that, land prices are climbing at a pace so quickly that it could make potential deals uneconomical. Myanmar’s government has responded to the issues and are working on plans to ease the complications of the property boom but it seems like it will take more time for the plans to be implemented.
The pilot episode of Hospitality Investment World Indochina will be happening next November. The conference will bring together regional investors, developers, brands, operators, financiers, deal makers and government officials in the region for one common purpose: to do business and capitalize on the fast growing hospitality sector in Indochina. Contact us for more information.