Sunday, August 20, 2017

Chinese-backed condominium project launches in Yangon

Chinese group Toener Investment has launched sales of a new five-tower condominium project in Yangon’s Yankin township known as Kanbae Towers.

A mock-up shows how the Kanbae Tower project will look. Photo: Tin Yadanar Tun / The Myanmar TimesA mock-up shows how the Kanbae Tower project will look. Photo: Tin Yadanar Tun / The Myanmar Times

Units in the development, which will be built on 2.2 acres of land on Kanbae Road, went on sale in late March. Construction began in the middle of last year and the project is slated for completion in late 2018, said sales manager Ma Win Win Phyu.

Toener Investment is involved in another major residential project in the same township known as Golden City, according to the company’s website.

The group was founded in 2003 in China’s Hunan province and has since expanded across the southwest of the country.

Its two main businesses are mining and real estate development, according to its website, and it has projects in more than 10 provinces in China, as well as in Macao and Hong Kong, and more than 70 subsidiaries.

For its latest project it has teamed up with a locally registered firm called Golden Thitsar, said Ma Win Win Phyu. The local partner is registered on the Directorate of Investment and Company Administration website under the name of a shareholder called Luo Qiong Qiong.

Kanbae Towers was approved by Myanmar Investment Commission in early 2015 and will comprise three 25-storey buildings, one 21-storey building and a fifth building with 12 floors. The first and second floors of each building will be reserved for retail space and the third floors will be for recreation.

In total, the project will include more than 500 units, ranging in size from 400 square feet to more than 1000 sq ft, as well as parking space for 600 cars.

The price per unit will vary from US$170 to $250 per square foot, depending on the storey and the view, said Ma Win Win Phyu.

“In the first phase we will only sell units between 838 and 980 sq ft but will sell different sizes at a later date,” said Ma Zin Zin, a sales representative at the showroom.

Residents will be able to control units including air conditioning and other devices from their mobile phones, she said, adding, “For security, there will be four stages involved in unlocking the door – a password, key, card and phone will be involved and residents can only enter the compound using an electronic card.”