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Rowsley in JV to develop US$550 mil project in Yangon

By hockmeng.tay@bizedge.com

February 22, 2015 12:00 AM SGT

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Rowsley in JV to develop US$550 mil project in Yangon Singapore Exchange-listed real-estate, design and engineering firm Rowsley Ltd will invest US$275 million ($373 million) to take a 50% stake in a mixed-use development joint venture with Hoang Anh Gia Lai, one of Vietnam’s largest property developers. The US$550 million mixed-use development (below) will be one of the largest in Yangon, and comprises four office blocks, a five-star hotel, a retail mall, and serviced and residential apartments.

The complex will be located on a 785,772 sq ft site in a prime neighbourhood next to Inya Lake in Yangon. The site has a lease of 50 years, with an option to renew for 10 + 10 years. The total gross floor area (GFA) of the development is 6.9 million sq ft. It is expected to be completed in 2018.

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