Rowsley, a real estate, architectural and engineering consultancy firm part-owned by Singapore billionaire Peter Lim, is making its foray in Myanmar by investing US$275 million (S$274.5 million) in a property project in Yangon. Under a heads of terms agreement signed on Thursday (Feb 12), Rowsley will take a 50 per cent stake in a company that wholly owns HAGL Myanmar Centre - one of the country's...
Myanmar Property
Singapore serviced residence operator Ascott has secured a contract to manage its first property in Myanmar. The CapitaLand unit said on Thursday that the 153-unit Somerset Kabar Aye Yangon, slated to open in early 2018, is part of a mixed-use development that also comprises a luxury condominium. The serviced residence is a 15-minute drive from downtown Yangon and close to the Shwedagon Pagoda as...
Pan Pacific Hotel Group said serviced apartments is a unique growth segment in Myanmar. The Singapore listed group had acquired a hotel in the former capital, Yangon, eleven years ago and branded it as part of its Park Royal hotels chain. And now that Myanmar's economy is opening up, the Group said its investment in the country is paying off. Pan Pacific Hotel Group's CEO, Patrick Imbardelli, said:...
Property developer Yoma Strategic Holdings said its third quarter net loss narrowed to S$420,000 compared with a loss of S$510,000 in the year-ago period. Its revenue for the third quarter, however, rose 47 per cent to $5.31 million from $3.61 million in the same quarter last year. Yoma said this was due to a significant increase in its sales of land and buildings. Revenue for its construction-related...