Developed by Asia Myanmar Shining Star Investment Co., Ltd., one of the latest milestone developments in Yangon is the Kantharyar Centre which is scheduled for completion in mid-2018. The Kantharyar Centre will consist of four towers; a 5A class office tower – the first in Yangon, a Wyndham 5-star hotel, a 23-storey residential tower and a serviced apartment tower, all interconnected by a 2-storey 6,000m2 international standard shopping mall. Kantharyar will add 171 modern serviced apartment units offering tenants direct access to a modern shopping mall, Shwedagon Pagoda views, and Kandawgyi Lake.
Yangon was originally a small fishing village founded in the 11th century around the Shwedagon Pagoda, which continues for over 2,500 years to remain a significant religious and tourist attraction within the city. Since independence, real estate development projects occurred slowly but accelerated following civilian rule in 2011 and the lifting of international sanctions. This development of real estate has continued in Yangon. The Government started encouraging foreign investment, and business developments and the recent highlights include finalizing legislation which will allow foreigners to own a maximum of 40% of a condominium development, amending the Myanmar Companies Law so foreigners can own up to 35% of a Myanmar company and remain a Myanmar company, this law is scheduled for enactment in August 2018.
Demand and Supply
At the beginning of this century, demand across the entire real estate sector has dramatically outstripped the supply resulting in high price record. For example, the Shangri-La reached a rental high of $450/m2, which is higher than The Pierre Hotel, most expensive hotel in New York City. With the government encouraging investment and record high prices, the laws of economics kicked in, leading to a boom in property development within Yangon and often in close proximity. The surge in supply of properties has led to the point that supply sectors have outpaced demand, leading to a softening in prices. An advantage of the Kantharyar Centre offers as the first grade 5A office tower in Yangon and the newest residential and serviced apartment units. The Kantharyar Center will make parking easier with the provision of 600 parking spaces.
On completion in 2018, Kantharyar will have views overlooking the Kandawgyi Lake and of the Shwedagon Pagoda. The Kantharyar Centre is situated within the new developing heart of Yangon on the south-eastern edge of Kandawgyi Lake, a picturesque tourist attraction, and recreation spot, along Kan Yeik Tha Road and U Aung Myat Road. The area is predominantly residential but is also home to the Union Business Centre and a number of hotels. Its location will avoid much of the noise and traffic congestion associated with the older areas of the city.