Updated: Jun 23, 2020
The Peninsula Residences Yangon is amongst one of Metro’s best picks for luxury and mid-range apartments in Yangon
Source: Myanmar Times
The numbers of high-quality housing projects and highrise apartments have increased substantially in Yangon over the past five years.
Although the property market has slowed overall, demand for luxury accommodation has looked more positive. Both residents and investors are interested in this market. As condos and apartments are still the only viable option for foreigners, who aren’t permitted to buy a house in Yangon, luxury property attracts a good deal of overseas investment.
A number of new housing projects have been completed, and many are still in the construction phase, making 2020 an exciting time for those looking for a new investment in the golden land.
The Peninsula Residences Yangon
The project is being developed on a four hectare site in downtown Yangon at the junction of Sule Pagoda and Bogyoke Aung San Roads. Work began on February 16, 2017 and the sales of the apartments were launched on March 24, 2018.
The Peninsula Residences has 112 residential units. Completion is expected next year.
The 26-floor project will include international-standard, fully serviced, ready-to-stay apartments in two, three- and four-bedroom layouts, as well as penthouses and terace penthhouse furniture packages are available for buyers to purchase at an additional cost.
The residences are also part of a project to repurpose the colonial-era Myanmar Railways building into a luxury hotel. The Peninsual as part of the Yoma Central development plan. Two Grade A towers house offices and a hotel will also be built together with a retail complex.
According to its marketing material, the Yoma Central project is inspired by Myanmar’s culture and historical architecture and the building designs are drawn by world-class architects.
Investment in the Peninsula Yangon includes Hong Kong and Shanghai Hotels at 70 percent, Yoma Strategic at 24 percent and the remaining 6 percent is from FMI.
For the mixed-use project, the investment structure is as follows: Yoma Strategic 48 percent, Mitsubishi 30 percent, FMI 12 percent, IFC and ADB at 5 percent each.
The investment amount is $700 million.
About The Myanmar Times
Launched as a weekly in 2000 by Myanmar Consolidated Media, Ltd, The Myanmar Times is Myanmar’s premier English-language newspaper. The company also publishes a Myanmar-language daily newspaper, a Myanmar-language weekly journal, and a weekly fashion and celebrity news magazine. In March 2015, a Monday-Friday daily edition was launched. MCM employs approximately 350 staff across its Yangon, Mandalay and Nay Pyi Taw bureaus, the majority of whom are Myanmar nationals.