The Kan Thar Yar Center mix-use development project at Thein Phyu aims to finish production by March 2018, U Kyaw Khaing, Managing Director of Asia Myanmar Consortium Development (AMCD), told Myanmar Business Today.
“The project consists of four towers that include residential apartments, offices, a five-star hotel, and shopping centers. One of the towers is a $30 million AMCD investment that we’re intending to finalize before the end of 2017,” U Kyaw Khaing added.
The $157 million development is owned by Asia Myanmar Shining Star Company, a joint venture between Yangon-based Asia Myanmar Consortium Development Company and Hong Kong-based Shining Star Investment Company, he added.
The residential apartments normally range from K300 million to K900 million per unit and 75 residential apartments have already been sold through real estate expos.
“The buildings have 25 stories, 132 units, and range from 1,485 square feet to 1,608 square feet. Under a promotional plan, we’re knocking 0.05 percent off prices for units below the 11 floor and increasing prices by 0.05 percent for each apartment above,” U Kyaw Khaing, said.
The developers are working with Ayarwaddy Bank and Yoma Bank to offer residents a 10-year installment payment plan with 10 percent down up front.
Asia Myanmar Consortium Development Company and Shining Star Investment Company jointly won the government’s tender for the project in 2012.