The Myanmar Pharmaceutical Industrial Enterprise (MPIE) and a consortium, named NSKRE Residence (Myanmar), are reported to build the high rise. 

The consortium includes the Japanese Nippon Steel Kowa Real Estate, and Mann Myanmar Family Ltd and Asia Business Solution Co Ltd (both Myanmar based companies)

After receiving a permit from the Myanmar Investment Commission the parties recently signed a 50-year land lease agreement to build the 12-storey structure on land owned by MPIE in Tamway, Yangon.

When completed, the high rise will include 230 apartments, a fitness centre, a mini-mart, restaurants, offices, and parking.

Colliers International Myanmar says the news underscores the confidence of investors.

"In recent years, the presence of Japanese firms and investors in Myanmar has been rising, underscoring the growing investor confidence within the country’s economic climate," Colliers said.

"The liberalisation of restrictions on foreign trading continues to stimulate investors’ interest while fuelling the demand for retail and office spaces.

"The supply stock for retail, serviced apartment, condominiums, and offices are expected to grow by record numbers within the next three years as the number of mixed-use developments increase.

"The introduction of the development mentioned above will directly impact the supply across the various segments in the future."

Colliers International Myanmar urges future developers to recognise the potential demand for the lower to mid-market segments, as most of the residential complexes in Yangon are upper-mid to luxury projects.

Sources: Asia Business Solutions（アジアビジネスソリューションズ), Colliers International Myanmar, Mizzima.

Similar to this:

Low-cost development project to assist with housing affordability

Insights into Colliers International Valuation Services

Office space available for rent in Yangon