Singapore showcase for prestigious Yangon development
One of Myanmar’s most prestigious residential projects is set to be showcased in Singapore this weekend.
68 Residences in Yangon is being developed by well-known jewellery company Shwe Nan Taw through its property development arm United GP Development. It is being marketed exclusively in Singapore by real estate agency Orange Tee.
Johnny Chng, Head of Residential Projects for Orange Tee, told PropertyGuru: “The Parliament in Myanmar is in the process of discussing the possibility of foreign ownership of properties via the Condominium Law.
“Our main targets for this weekend’s event are Singapore-based Myanmar citizens, as well as serious local investors who want an update on the Yangon property market trend. We want to be the working partner for investors when foreign property ownership laws are introduced.”
Chng added his company was one of the first to being Myanmar properties to Singapore more than two years ago.
The 26-storey 68 Residences is a freehold luxury development of 375 residential units. A total of 153 units will be managed by The Ascott Limited group and operated under the Somerset brand as serviced apartments.
For the Singapore launch, 40 choice condominium units have been set aside for sale.
Tony Picon, Managing Director for Colliers International Myanmar told PropertyGuru: “Foreigners are not allowed to own any property, not even a simcard. The market for this project is likely to be Burmese who are living in Singapore who will buy for themselves or in their family’s name if they do not have citizenship.”
Picon added that real estate activity in Yangon has been picking up, especially since the holidays as locals are starting to re-evaluate their land for future investment.
He added: “We could see a possible reduction in land prices which will make projects feasible for foreigners to enter joint-ventures.”
The Singapore property exhibition featuring Yangon’s 68 Residences will take place on Saturday, May 24, and Sunday, May 25, at Four Seasons Hotel, Windows East Room 20th Floor, between 11am and 7pm. Daily seminars will take place between 2pm and 3pm, and reservations are strongly advised via firstname.lastname@example.org.
Source copied from: http://www.propertyguru.com.sg/property-management-news/2014/5/37823/singapore-showcase-for-prestigious-yangon-developm