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Yangon Hilton signs with Crown Advanced for Yangon Hotell
Hilton Worldwide is getting ready to enter into a contract with the local Crown Advanced Construction to run a centrally located Yangon resort, said a Myanmar company manager, The Myanmar Times. This is more than two years after Hilton Worldwide in March 2013 contracted with LP Holdings in Thailand to run a 300-room property at Centrepoint Towers in downtown Yangon.
The Myanmar-based Hilton Worldwide, which joined in 2013, has an ongoing agreement with the local company Eden Group to operate five properties, two of which are in Ngapali and Nay Pyi Taw, which are already open, and two in Bagan, Inle Lake and Mandalay, which will open over the next two years.
Hilton spokeswoman said she could not make a statement for corporate reasons, but that Hilton continues to be fully engaged with Myanmar and is always looking for ways to increase its footprint in the state. This new Times City will be part of one of the first mixed-use properties in Yangon.
The property is on a 10-acre site belonging to the Yangon City Development Committee, in the Kamaryut Town Ship. It comprises 10 properties, which include two offices, a five-star property, 260 high-end condominiums, 37 commercial properties, a gem stone shopping center named Yatanar Malls and a 14-story used vehicle shopping center. "Work on the site began at the end of 2013, and the major works should be completed by the end of next year," says Siao.
All the condominiums and offices are valued at an intersection of $300 per sq. ft, he said, adding that apartments are slightly less expensive than offices. Most of the condominiums were purchased and 100 per cent of the shops were purchased by local businessmen, Mr. Siao said.
"I am satisfied with the sale of retail premises and condominiums," he said, and added that the offices are focused on multinational corporations, but the current legislation on the acquisition of offices is not clear, making it hard for potential clients. Condominium, Crown Advanced is also constructing a stand-alone high-end housing development in Yangon named Minyekyawswar Condominium and has been commissioned as contractors for several high-caliber properties, among them the 68 Residence of Singaporean United GP Company and the Skyondo of the A1 Group.
The company has also been commissioned to construct Sanchaung Garden Residence and Manawhari Commercial Complex, both of which are being designed by the local MGW. Crowns Advanced has also constructed a number of roadways in the north of Myanmar and several viaducts, among them the country's longest at Pakokku, which traverses the Ayeyarwady River and is part of the India-Myanmar-Thai Tri-Lateral highways.
It has also constructed two in Yangon - the Bayintnaung Bridge II over the Hlaing River and the Ngamoeyeik Bridge, which connects Dawbon with Thingangyun, which according to Siao will open in two month's time.