MI & LSC sign property development deal
First Myanmar Investment Co Ltd (FMI) and Lighting Specialist Co Ltd (LSC) hosted a signing ceremony commemorating their strategic joint venture company LSC-FMI Co Ltd, and first collaboration in developing a US$24 million high-end apartment in Nay Pyi T
Located in Zabu Thiri township, KrisPLAZA project comprises two-towers of 10-storey development. It will have 114 apartment units, a basement car park, swimming pool, retail space and Yoma Bank’s regional headquarter.
The project area will span on 1.25 acres of prime location in the capital in the proximity of government and ministerial offices, three hospitals, the Jade Museum, golf courses, the hotel zone and Tha Pyay Gone Market.
The joint venture development combines the international design expertise of ID Architects from Singapore and local knowledge of Edgewise Architects, with the construction experience of CTMCC-HTE. Other consultants involved in the project include civil and structural firm Aurecon, MEP Consultant, and quantity surveyor, Structon. At a total cost of approximately US$24 million, construction is scheduled to commence in early 2015 with completion earmarked for the third quarter of 2016.
“The real estate sector continues to be an important part of FMI’s portfolio and KrisPLAZA in Nay Pyi Taw is a natural progression,” said U Linn Myaing, FMI’s Chief Operating Officer.
“Krislite with LSC has been operating in Myanmar for more than 20 years and have a very strong reputation, are highly respected and understand the market which makes them an ideal partner for this joint venture.”
“Our first partnership with FMI is an exciting venture in a country with great opportunities. Building on the strong capabilities in development and construction of our partnership, we will offer a high quality and cost effective product to new home owners in Myanmar,” said Kyaw Moe Naing, Managing Director of LSC.
While KrisPLAZA is FMI’s first development in Nay Pyi Taw, FMI has a strong track record of creating premium residential spaces in Myanmar. Some of FMI’s notable projects in Yangon include Star City, FMI City and FMI Centre. Considerable pent up demand has caused an influx of enquiries about the project, as many business people and government officials see the opportunity to own a luxury apartment residence to accommodate their frequent trips to Nay Pyi Taw while at the same time utilizing it as a base for business to accommodate their executives and office equipment.
LSC, known for its expertise as a lighting solutions provider with the brand-name Krislite, recently expanded their business portfolio in Myanmar with property development in Yangon including CCPT, a 20-storey hotel and office development in Strand Road and an 8-storey headquartre Building in Pyay Road.
