Peninsula MyanmarMyanmar Peninsula
This is part of the $700 million Yoma Central joint venture that laid the foundation stone in February last year. Peninsula Residences Yangon, which will comprise 96 housing blocks, is scheduled for completion in 2021. This is being jointly with the Yangon Peninsula, a five-star luxurious resort, as part of the Yoma Central design.
After completion, the Peninsula Residences Yangon will have 26 storeys with internationally renowned and fully furnished residences. There will be two bedrooms, three bedrooms, four bedrooms, penthouse and terrace penthouse. Peninsula Residences Yangon will be operational at a moment when increased competitive pressure is likely in upscale serviceable accommodation. Colliers Internacional expects the range of commercial housing to be doubled within the next three years.
In the past year alone, the new range of Service Flats in Yangon peaked at 370 rooms, bringing the number of rooms available to more than 2,000. The strongest rise in the number of available rooms was recorded above all in the cheaper single and double rooms, for which rising demands are anticipated in the coming years.
Indeed, a number of serviced flats last year reached a 60 pc allocation within three month of termination, according to Colliers. However, officers said the Peninsula Residences Yangon will be launched in good deed. Commenting on the decision published today, Mr. Cyrus Pun, Yoma Strategic CEO, said: "The moment is ripe for us to bring genuine luxurious and exclusive properties to the Yangon property world.
" Peninsula Residences Yangon Projekt is a collaboration between Meeyahta Development and HSH, which runs The Peninsula Hotels worldwide. Meeyahta Development ein JV aus Yoma Strategic, FMI, den Mitsubishi Companies, der International Finance Corporation und der Asian Development Bank. The remainder of the Yoma Central is under development by the European Bouygues Construction and the Japanese Taisei Corporation.
Over $700 million has been spent on Yoma Central, the biggest amount of FDI flowing into the property industry to date, said U Aung Naing Oo, Myanmar Investments Commission Secretariat. "It will offer companies interesting possibilities and revitalize the Yangon property industry.
It will be a strategically important place where people will be able to get together without restrictions," said U Aung Naing Oo.