(Source: The Straits Times, 20 May 2016) Keppel Land is strengthening its hotel and commercial portfolio in Yangon, Myanmar’s rapidly developing leading city. The Singapore-listed property firm yesterday held a topping-off ceremony for its joint venture project, Junction City Tower, which is being developed jointly with Myanmar-based construction company Shwe Taung Group. Junction City Tower is a Grade A office building in Yangon’s central business district and will offer a net lettable area of about 34,000 sq m of prime office space. It is expected to be completed in early 2017. On 18 May 2016, it opened the new 431-room Inya Wing, bringing the total number of rooms to 797 at the Sedona Hotel Yangon, boosting Sedona’s portfolio in Myanmar to over 1,000 rooms.
(Source: Myanmar Business Today, 29 March 2016) Despite the recent surge in office space in Yangon, the low occupancy rates are set to rise with expected incoming foreign investment after the new government settles into parliament, according to Colliers’ recent report. It also expects the occupancy and rentals of the retail and serviced apartments sectors to increase in the near future. However, it expects a decline in the high-end hotel construction, occupancy rates and the average daily rate. The selling price and take-up rates of residential condominiums are expected to stay flat. (more…)