Development starts to shift

A new area of focus has arisen in Myanmar’s property development.

Yangon has been in the spotlight for its residential development of late. Developers have honed in on the country’s largest city however this trend is now changing with Mandalay welcoming new mixed used schemes.

One that is of particular interest sits on a site of approximately 20 hectares. The first phase was finished in 2014 and encompassed a condominium and shopping mall, but the next stage will include another condominium but of a luxury standard, in addition to the renowned Pullman hotel, plus an office tower. The whole development is being built by real estate mogul New Star Light Construction who are based in Mandalay. They are also building a convention centre in the country’s second largest city that is due to finish this year.

Outside of Mandalay, the Shan state is also at the receiving end of New Star Light Construction’s aim to ‘promote enhanced modern urban lifestyle’. They are looking to branch out into this northeastern part of Myanmar to build a commercial district from scratch. The aim is to complete this vast area of 120 hectares by 2022. It will include housing, shopping mall, convention centre and wholesale market.