New office space, partly owned by Singapore's Keppel Land, is ready for tenants in Yangon, Myanmar.
The 23-storey Junction City Tower, developed by the Keppel Corp property unit and Myanmar conglomerate Shwe Taung Group, officially opens its doors today.
Its Grade A office space in the heart of Yangon's central business district has a net leasable area of about 33,400 sq m, ready for firms to move into.
The tower is part of an integrated development known as Junction City, which will be about 260,000 sq m when completed.
Keppel Land chief executive Ang Wee Gee said in a statement yesterday: "The partnership with Shwe Taung Group for Junction City Tower is in line with Keppel Land's strategy to invest in markets with good growth potential such as Myanmar, and to further augment the company's commercial portfolio."
Keppel Land holds a 40 per cent stake in the office tower, which has more than 1,500 parking spaces.
Confirmed tenants include law firms such as Allen & Gledhill, and WongPartnership, as well as conglomerate Samsung and the British Chamber of Commerce.
Keppel Land also holds a 40 per cent stake in the serviced residences and office component of Phase 2 of Junction City - with a gross floor area of about 50,000 sq m - for which construction begins next year. There will be about 260 premium serviced apartments, Keppel Land said.
Keppel Land first entered Myanmar in 1993.
Mr Ang said the firm is confident of the long-term potential of Myanmar, and that the project "will position Keppel Land well to meet the growing demands for quality accommodation and Grade A offices in the city".