SINGAPORE - Keppel Land is tying up with the Myanmar-based ShweTaung Group (STG) to develop a 23-storey office tower in Yangon's central business district.
The tower is located at the intersection of Shwedagon Pagoda Road and Bogyoke Aung San Road.
Keppel Land's total investment in the project will be US$47.4 million (S$61.6 million).
It will hold a 40 per cent stake in the office tower, which is part of Junction City - a mixed-use development which will also comprise the five-star Pan Pacific Hotel, a shopping centre and residential towers.
The development will also house Yangon's largest car parking facility offering more than 1,400 car park spaces.
When completed, the office tower will offer a net leasable area of about 33,400 square metres of premium Grade A office space, meeting the demand for high quality office space inYangon which is presently in limited supply.
Construction for the office tower has commenced and is expected to be completed in 2017.
The new office development is about 19 kilometres south of tYangon International Airport and about eight kilometres from Keppel Land's Sedona Hotel Yangon.
Major landmarks in the vicinity include Sule Shangri-La, Sakura Towers, FMI Centre, Bogyoke Market, Holy Trinity Church and the Yangon Railway Station.
The deal is subject to approval from the Myanmar Investment Commission.