In the heart of Yangon’s central business district is a spanking new 23-storey new Grade A office tower. Junction City Tower, developed by Keppel Corp’s property unit and Myanmar’s Shwe Taung Group has opened its doors 2 weeks ago to tenants.
It is Keppel Land‘s foray into Myanmar’s growing real estate industry where the long-term potential for Grade A office spaces in the city is great as the country continues to open up to regional and foreign investors. While Keppel Land established its presence in Myanmar as early as the 1990s, demand for quality commercial and residential properties has only recently been steadily growing.
Junction City is a 260,000 sq m integrated development which will include 33,400 sq m of Grade A office space and 50,000 sq m of premium serviced apartment, the later as part of Phase 2 of the project, amidst retail and hotel businesses. The ready availability of office spaces have already encouraged confirmed tenants such as Allen & Gledhill, WongPartnership, Samsung and the British Chamber of Commerce to take up units.
As more businesses invest in Myanmar and the expatriate population increases, the real estate market will be likely to rise in tandem. While the rate of growth is quick for now, and might be so for the decade or so ahead, how will it fare in the horizon?
