13 Feb Rowsley to invest US$275 million in Yangon real estate project

Written by Mizzima Published in Investment Read 2489 times
Artist's impression of the HAGL Myanmar Centre project site at Kaba Aye Pagoda Road, Yangon, Myanmar. Photo: HAGL Land
Artist's impression of the HAGL Myanmar Centre project site at Kaba Aye Pagoda Road, Yangon, Myanmar. Photo: HAGL Land

Singapore-listed Rowsley Ltd, a real estate and investment firm part-owned by Singaporean billionaire Mr Peter Lim, has entered into an agreement with Vietnam's Hoang Anh Gia Lai Joint Stock Company or HAGL to jointly develop a mixed-use development in Yangon, according to the Straits Times on February 12.

The newspaper reports that Rowsley has just signed a heads of terms agreement on February 12 and will invest US$275 million [K275 billion] for a 50 percent stake in a company that wholly owns HAGL Myanmar Centre, one of the country's largest integrated projects with four office blocks, a five-star hotel, a retail mall, serviced apartments and residential apartments.

The centre will cover more than 73,000 square metres of land next to Inya Lake in Yangon and has a land lease term of 50 years. The first phase of the project is underway and the whole project it set to be fully completed in 2018.

HAGL will make further investments and will undertake the construction of the entire project.

The entire project is valued at US$550 million. The detailed terms and conditions for the joint venture are to be agreed in due course and subject to due diligence and regulatory approvals.