Jan 13, 2015

Vietnamese firm to unveil Yangon development in October

Offices and a five-star hotel on Kabar Aye Pagoda Road in Yangon that are being built with investment from the Hoang Anh Gia Lai Group from Vietnam will reportedly open by the end of October, according to the Ministry of Hotels and Tourism.

The offices are due to be completed in May with the development also including apartments that are due to be finished in 2017, the ministry says.

The project is employing 2,600 locals and 400 foreign experts, said Vo Truong Son of the group during his meeting with tourism minister Htay Aung.

The Myanmar Investment Commission permitted the project, which is worth US$440 million, in 2013. The hotel is due to be Myanmar’s sixth five-star hotel.

Investment from Singapore, Thailand, Japan, Malaysia, Hong Kong, Britain, the UAE and Vietnam now exceeds US$2.5 billion, according to the ministry.

Source: Eleven Weekly Media