Shwe Taung Group
Local conglomerate Shwe Taung Group has started giving private previews for prospective tenants of Junction City, an upcoming development in downtown Yangon.
Developed by Shwe Taung Group in partnership with the Yangon City Development Committee (YCDC), Junction City is an integrated development at the junction of Bogyoke Aung San road and Shwedagon Pagoda road. The development is designed by Singapore-based DP Architects.
Aung Zaw Naing, chief executive officer of Shwe Taung Group, said “We aim to deliver a world-class integrated development for residents, tenants and tourists in Yangon. The project is expected to create employment opportunities for about 8,000 people during construction and about 4,000 people when operational.”
With a built-up area of approximately 260,0f00 square metres, Junction City will be completed in two phases, Shwe Taung said.
Phase 1, scheduled for completion in early 2017, comprises Grade A offices developed with Singapore’s Keppel Land Limited (Keppel Land), a five-star luxury hotel jointly developed and operated by Pan Pacific Hotels Group, and a shopping centre managed by Shwe Taung Property Management.
Phase 2, scheduled to be completed in 2019, comprises high-rise serviced residences.
Junction City Tower will be a 23-storey Grade A office development, while Pan Pacific Hotels and Resorts will make its debut in Yangon with the five-star Pan Pacific Yangon, a 25-storey hotel with 348 rooms.
Junction City Shopping Centre will be home to retail boutiques, new-to-market brands, dining options and lifestyle offerings. It will also feature the first IMAX-ready theatre in Myanmar, according to the company.
Shwe Taung claimed that the Junction City will feature green design and sustainable development, incorporating environmentally-friendly building materials and water-efficient and energy-efficient technologies.
These green features include solar panels installed on the rooftop of the development, wastewater treatment as well as recycling and harvesting of rain water. With these green features, energy consumption is expected to be reduced by 15-20 percent, Shwe Taung said.
Junction City will also focus on general improvements to nearly facilities and surroundings. These include the replacement of the existing overhead bridge across Bogyoke Aung San Road with a new sheltered overhead bridge with escalator access, the building of new bus stops near the development and upgrading works to the surrounding walkways along Bogyoke Aung San Road and Shwedagon Pagoda Road.
The new Bogyoke Aung San Market will also be rebuilt on the same location with 437 shops. Junction City will also have one of the largest parking facilities in Yangon with more than 1,500 carpark lots.
Ng Ook Hooi, president, regional investments, Keppel Land, said, “The partnership with Shwe Taung Group for Junction City Tower is in line with the with Keppel Land’s strategy to invest in markets with good growth potential such as Myanmar, and to further strengthen the company’s commercial portfolio.
“We believe that the new office tower in Junction City, with its strategic location, will be able to tap on the demand from multinational companies for high quality office space in Yangon which is presently in limited supply.”
From: Myanmar Business Today