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Work starts on HAGL complex in Myanmar city
HA NOI (VNS)— Hoang Anh Gia Lai (HAGL) Group began construction of a US$440 million trade centre, hotel and service office complex in the Myanmar city of Yangon yesterday.
Hoang Anh Gia Lai Myanmar Centre covers a total area of 8ha and is the company's largest investment project at present. It was financed by the Bank for Investment and Development of Viet Nam (BIDV), Eximbank and Sacombank.
Company chairman Doan Nguyen Duc said the project would be completed within six to seven years. He predicted that when operational, it would help meet the city's demand for such properties, which had become "very hot" since Myanmar opened its doors to foreign investment in 2011.
Office spaces in Yangon were being rented at $75-150 per sq.m per month, while a night in a hotel cost around $300, according to domestic press.
Myanmar Minister of Hotels and Tourism H.E U Htay Aung said that the nation planned to hold many major events in the next few years, including ASEAN summits and tourism forums, so investment in hotels and other travel-related business had significant potential.
Last year, about a million international tourists visited Myanmar, an increase of 20 per cent over the previous year. The number was expected to reach 1.5 million this year, the minister said.
According to U Htay Aung, HAGL's investments represent 26 per cent of the total foreign direct investment capital poured into Myanmar's hotels and trade centres.
The company's total overseas investment capital amounts to about $1.5 billion. — VNS
Work starts on HAGL complex in Myanmar city - Economy - VietNam News
Daewoo-led Korean Consortium to Launch $220 Million Project Developing Two Hotels in Yangon, Myanmar
http://www.hotel-online.com/press_re...els-in-myanmar
Dec. 03--SEOUL (The Korea Herald/ANN) -- A Korean consortium led by Daewoo International will launch a project to develop luxury hotel infrastructure in Yangon, Myanmar, the company said Monday.
The POSCO trading arm and three other Korean companies are to build a 14-floor luxury hotel and a 29-floor serviced residence building on a 2,183-square-metre site near Inya Lake, one of the most popular recreational areas in Yangon.
"The $220 million project will kick off soon as three other companies have reached an agreement for their roles in the project and scale of investment," a company official said.
The three other players to join the project are POSCO Engineering & Construction, Lotte Hotel and KDB Daewoo Securities.
Under the agreement, Daewoo International will take a project manger role while POSCO E&C will lead construction. Lotte Hotel will operate the properties after construction is completed. KDB Daewoo Securities will take a leading role in funding the project.
To finance the project, the four companies will raise $50 million by making an equity investment. KDB Daewoo Securities will take the largest share in the project, securing a 39 per cent stake. Daewoo International, POSCO E&C and Lotte Hotel will follow with shareholdings of 30 per cent, 21 per cent and 10 per cent, respectively.
KDB Daewoo Securities said it will inject an additional $170 billion through project financing.
According to Daewoo International, the two properties are expected to open in 2016.
The property development project is under a build-operate-transfer contract with the Myanmar government. The Korean consortium will run the two properties for 70 years and then transfer them to the government, which is currently renting out the land to the Korean consortium for free.
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View attachment 178951
Guessing that's an old article? The HAGL development is nearly finished.
