Submitted by Eleven on Sat, 05/20/2017 - 06:13
From
ledt Sit Taing Aung, Yang Ho, Ching Chiat Kwong and Eric Low See Ching
at a media briefing in Yangon on May 16th (Photo-Khine Kyaw, Eleven
Myanmar)
Despite
growing skepticism over the capabilities and credential of real estate
developers in Myanmar, Singapore’s Oxley Holdings Ltd has joined hands
with its local partner, Mottama Development Group Co, to develop a
luxury condominium in the nation’s commercial hub.
Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings, said at a media briefing on Tuesday their property, entitled “Min Residences”, would be the first property in Myanmar to be introduced with more than 60 fitness, wellness and recreational facilities.
“We are confident that the property market will see an upswing after the market re-adjustment period that we just recently underwent. The demand for higher levels of living is very strong in Myanmar as it races to catch up with the neighboring countries,” he said.
“With attractive prices, our development will reignite interest in the property market. We still see challenges and there will be hurdles to overcome but the future prospects of the industry are bright. This is one of the best times to buy when the market is not at its peak.”
He said the development would comprise of three towers, and the construction is expected to commence soon and will be fully completed within three years. Designed by international architect a+p Group which has a presence in countries such as Singapore, China as well as Philippines, Oxley Holdings will take the leading role in the construction to ensure international standards.
Kwong expects an estimated gross development value of more than $250 million, which the two firms will invest equally. He considers its location as the best attraction for buyers, as Mindhama Road is very near to the second Central Business District, and 10 minutes away from the Yangon international airport.
To him, facilities such as a bouldering wall for rock climbing enthusiast, a 200m jogging track, putting green and an Olympic length 50m-lap pool will be included in this mixed development with 2 basements and 20 storeys. Upon completion, there will be a total of 614 residential units and 57 commercial units including shops, restaurants, offices and childcare facilities.
Kwong said that advanced construction methodology would be employed to ensure its structures are all in compliance with international standards. He said there are 300,000 Burmese working in Singapore, and most of them want to return home if there are properties that can provide them with proper standards of living.
Yang Ho, managing director of Mottama Holdings, said the development had been approved by Yangon City Development Committee and the construction would resume in mid-September.
He said the property would be built on a privately-owned renewable 60 years Grant Land. He said the first phase which consists of 211 units would be sold at a private preview on May 27-28.
“With a land size of over 3 acres of land, it is well-positioned to be able to take advantage of the condominium law when it comes into effect,” he said.
Yang Ho said they would set up a fund for housing management, once the apartments are handed over to the buyers. He said the firm also planned to implement two low-cost housing projects in the outskirts of Yangon_ Mingalardon and Hlaing Thar Yar townships.
According to Yang Ho, the developers are now negotiating with KBZ, Myanmar’s largest private bank, to offer a hire purchase payment system which allows the buyers to pay the costs on a monthly basis within 12-15 years.
For those who prefer making direct payment, 5 per cent of payment will be collected at the time of contracting, 15 per cent within 8 weeks and 10 per cent every six months.
The condominiums with two bedrooms will be sold at $230,000-260,000 while three-bedrooms ones would cost around $300,000- 400,000, depending on the size and facing of the unit.
Khine Kyaw~ Eleven Media
Ref:http://www.elevenmyanmar.com/business/9531
Ching Chiat Kwong, executive chairman and CEO of Oxley Holdings, said at a media briefing on Tuesday their property, entitled “Min Residences”, would be the first property in Myanmar to be introduced with more than 60 fitness, wellness and recreational facilities.
“We are confident that the property market will see an upswing after the market re-adjustment period that we just recently underwent. The demand for higher levels of living is very strong in Myanmar as it races to catch up with the neighboring countries,” he said.
“With attractive prices, our development will reignite interest in the property market. We still see challenges and there will be hurdles to overcome but the future prospects of the industry are bright. This is one of the best times to buy when the market is not at its peak.”
He said the development would comprise of three towers, and the construction is expected to commence soon and will be fully completed within three years. Designed by international architect a+p Group which has a presence in countries such as Singapore, China as well as Philippines, Oxley Holdings will take the leading role in the construction to ensure international standards.
Kwong expects an estimated gross development value of more than $250 million, which the two firms will invest equally. He considers its location as the best attraction for buyers, as Mindhama Road is very near to the second Central Business District, and 10 minutes away from the Yangon international airport.
To him, facilities such as a bouldering wall for rock climbing enthusiast, a 200m jogging track, putting green and an Olympic length 50m-lap pool will be included in this mixed development with 2 basements and 20 storeys. Upon completion, there will be a total of 614 residential units and 57 commercial units including shops, restaurants, offices and childcare facilities.
Kwong said that advanced construction methodology would be employed to ensure its structures are all in compliance with international standards. He said there are 300,000 Burmese working in Singapore, and most of them want to return home if there are properties that can provide them with proper standards of living.
Yang Ho, managing director of Mottama Holdings, said the development had been approved by Yangon City Development Committee and the construction would resume in mid-September.
He said the property would be built on a privately-owned renewable 60 years Grant Land. He said the first phase which consists of 211 units would be sold at a private preview on May 27-28.
“With a land size of over 3 acres of land, it is well-positioned to be able to take advantage of the condominium law when it comes into effect,” he said.
Yang Ho said they would set up a fund for housing management, once the apartments are handed over to the buyers. He said the firm also planned to implement two low-cost housing projects in the outskirts of Yangon_ Mingalardon and Hlaing Thar Yar townships.
According to Yang Ho, the developers are now negotiating with KBZ, Myanmar’s largest private bank, to offer a hire purchase payment system which allows the buyers to pay the costs on a monthly basis within 12-15 years.
For those who prefer making direct payment, 5 per cent of payment will be collected at the time of contracting, 15 per cent within 8 weeks and 10 per cent every six months.
The condominiums with two bedrooms will be sold at $230,000-260,000 while three-bedrooms ones would cost around $300,000- 400,000, depending on the size and facing of the unit.
Khine Kyaw~ Eleven Media
Ref:http://www.elevenmyanmar.com/business/9531
Myanma Railways selects winner for $2.5 billion Yangon railway station project!
Myanmar Railways has chosen a consortium of Myanmar, Chinese and Singaporean firms to undertake the massive Yangon Central Railway Station redevelopment – one of the country’s largest property projects to date, with an estimated US$2.5 billion price tag.
Singapore-listed Oxley Holdings announced last night that its consortium, which also includes Myanmar’s Min Dhama and China’s Sino Great Wall, had been selected as the preferred bidder for the project.
It beat out a consortium comprising Singapore-listed Yoma Strategic Holdings and Myanmar-listed First Myanmar Investment, both companies connected to businessman Mr Serge Pun.
“The award of contract shall be subject to the completion of negotiations and legal arrangements,” Oxley said in an announcement.
The company said the project – “a mixed development project comprising a new central transportation hub that integrates rail and mass transit, surrounded by amenities of housing and commerce” – will cover approximately 25.7 hectares, or 63.5 acres, of which 1.09 million square metres of floor space will be developed.
Oxley included in the announcement a February 14 letter from Myanma Railways managing director U Tun Aung Thin stating that the decision to award the tender to the consortium was made at a cabinet meeting on January 30. The letter said Myanmar Railways would soon inform Oxley of a date for “negotiation meetings”.
Sino Great Wall is a construction firm based in Beijing and listed on the Shenzhen stock exchange. Min Dhama is a subsidiary of Mottama Holdings, a company owned by Myanmar entrepreneur U Yang Ho.
Occupying one of the largest undeveloped sites in central Yangon, the project will reshape the northern fringe of the downtown area, bringing high-rise towers to an area that is presently railway lines and single-storey homes.
Artist's impressions for the site released by Oxley show around 20 high-rise towers in an area bordering Bogyoke Aung San Road to the south, Bo Min Yaung Road to the north, Sule Pagoda Road to the west and Theinbyu Road to the east. In the middle of the project is a futuristic new railway station, which will be built beside the existing, heritage-listed terminal on what are presently railway lines.
“There are other large land plots but not right in the centre. It’s pretty unusual for a city to have that sort of land available,” Mr Tony Picon, the vice chairman at real estate consulting firm Colliers International Myanmar, told last year.
An estimated 10,000 people, mostly railways workers and their relatives, will be resettled. A Myanma Railways official told Frontier that administrative staff would be resettled in Tarmwe Township, and maintenance and other workers to be relocated to Ywartharygi in East Dagon Township.
While the tender attracted significant interest from developers, it was not without hiccups.
After the project was announced in May 2014, Myanma Railways initially received 34 expressions of interest and shortlisted 28 potential developers. However, the tender was cancelled after only three formal proposals were received by the January 6, 2015 deadline and none were deemed suitable.
The following August, Myanma Railways announced a new tender, once again calling for expressions of interest. In February 2016, it announced that 15 had been received from prospective developers or joint venture partners in 14 countries. However, just two formal proposals were accepted, from the Oxley-Min Dhama-Sino Great Wall and Yoma-FMI consortia.
Myanma Railways blamed the lack of proposals on the requirement that consortiums pay a US$4 million bond.
By THOMAS KEAN
Ref:https://www.facebook.com/Mindhama.75/posts/1800027626694579
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