Friday, September 22, 2017

Pyay Garden Residence opens after 15 years

Zaykabar Group opened a major residential project on Yangon’s Pyay Road yesterday that has been under development for more than 15 years.

Pyay Garden Residence has been under construction for more than 15 years. (Aung Khant / The Myanmar Times)Pyay Garden Residence has been under construction for more than 15 years. (Aung Khant / The Myanmar Times)

Pyay Garden Residence broke ground in 2000 but the construction site lay silent for many years before work restarted in 2011.

The company received its Building Completion Certificate from Yangon City Development Committee five months ago and buyers have finally started moving into the apartments in Sanchaung township, company officials said at an opening event yesterday.

An adjacent office tower, built from 2013 to 2015, opened for business in October last year. The 25-floor residential tower has 173 units, of which 43 have already been sold, while the office tower is 40 percent occupied. The two developments are built on 2.79 acres of land.

“Some owners are already staying in the residential tower. We will sell just 53 units and rent the others,” said front office and sales manager Daw Thandar. The condominium features three-bedroom apartments in a choice of two styles.

Unfurnished apartments have been priced at K400,000 per square foot, or US$2.50 per square foot per month to rent, while furnished rooms rent at $3.50 per square foot per month.

The nine-storey office tower includes 27 offices of different sizes, which rent for an average of $50 per square metre per month ($4.67 per square foot per month) while the average monthly rent is between $5000 and $6000 for each office.

The office tower includes car parking space, a cafe, a corner shop, meeting rooms, a business centre, secretarial support and Wi-Fi.