Junction City Tower, the latest addition to downtown Yangon’s increasingly busy skyline, has begun accepting office tenants following completion of the first phase of the 23-storey mixed-use development, reports said last week.
The project is being jointly developed by diversified Myanmar conglomerate, Shwe Taung Group, and Singapore’s Keppel Land, which has a 40 percent share in the development.
The tower, with about 33,400 square metres of leasable Grade A office space and the biggest car park in Yangon, with space for space for 1,500 vehicles, opened on March 31, Singapore’s Straits Times reported.
The report said confirmed tenants in the tower, at the corner of Shwedagon Pagoda and Bogyoke Aung San roads, include Samsung, the British Chamber of Commerce and Singapore-based law firms, Allen & Gledhill and WongPartnership.
Keppel Land says work on phase two of the project, which will have a gross floor area of about 50,000sq m and include about 260 luxury serviced apartments and a shopping centre, was due to start next year.
“The partnership with Shwe Taung Group for Junction City Tower is in line with Keppel Land’s strategy to invest in markets with good growth potential such as Myanmar, and to further augment the company’s commercial portfolio,” Keppel Land chief executive Mr Ang Wee Gee said in a statement on March 30, the Straits Times reported.
The project “will position Keppel Land well to meet the growing demands for quality accommodation and Grade A offices in the city,” Ang said.