Investment banker turned Myanmar developer

By Michael Lim / The Edge Property | May 3, 2016 10:00 AM SGT
Five years ago, Singaporean Daphne Teo was an investment banker at Goldman Sachs when her father, businessman Teo Cheng Kwee, founder of investment management and holding company Sapphire Corp, offered her a proposition. He had identified a site in Myanmar that he thought would interest her.
The 362,000 sq ft site is located along the millionaires’ row on Yankin Road, in Yangon. Teo senior, together with his Myanmar business partner, formed a joint venture (JV) to buy the 70-year leasehold site from the government.
“My dad told me it was going to be really interesting,” recounts Daphne, 33. “I visited the site and went through the plans and thought so too.” That was when the Stanford University graduate decided it was time to quit banking and try her hand at being a developer in Myanmar. By 2012, Daphne was chief investment officer of D3 Capital, the Teo family’s privately held investment company.
The JV company developing the site is called Golden Land. The Myanmar partner in the JV is travel agency Nature Link Travel and Tours. Daphne’s stake in the joint venture is via an investment company called Uni Global Power.
Aerial view of D3 Capital’s maiden mixed-use development, Golden City, in Yangon

Source: D3 Capital

Teo: My dad told me it was going to be really interesting. I visited the site and went through the
plans and thought so too. That was why I came out to join him.
Maiden development — Golden City Under development on the site is a mixed-use project called Golden City, which has a gross development value of US$700 million ($947 million) and a gross floor area of 3.8 million sq ft. When completed in 2018, it will have nine 33- storey residential blocks with 1,439 apartments; a 30-storey commercial block with retail on...