Jun 1, 2015

HAGL Begins Leasing Offices and Shops in Phase One

Vietnam-based HAGL plans to open their massive Myanmar Centre, including shopping centres, a hotel, office spaces, and restaurants in two phases, with phase one currently up for grabs.

“HAGL is leasing residential units in phase one. The offices and shops will be handed to customers in July. The housing will be ready at the end of 2017,” said Ma Sandar Win, a spokesperson for HAGL.

Two office towers, a shopping centre, housings and a five-star hotel are included in phase one. The offices and shopping centre will be finished in July and housing condos will be finished at the end of 2017.

The prices start at K200 million per unit for a 737 square foot unit. If three units are bought, a two percent discount will be given on the third unit, HAGL said. If over six resinedtial units are bought, three percent discount will be given on the sixth unit.

According to real estate agent U Saing Khun Naung, residential units typically cost over K100 million in Yangon, but currently there has been sluggish demand in the market.

The project’s land was purchased on a build-operate-transfer basis from the government for 50 years, with an option of extending it for two periods of 10 years, and the land will be returned to the government if the lease is not extended.

Source: Myanmar Business Today

 
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