Keppel Land to co-develop next phase of Yangon’s Junction City for $68m

The group is expanding its portfolio in Myanmar.

Keppel Land inked a deal with Myanmar’s Shwe Taung Group to develop premium serviced residences and offices in the next phase of Junction City, a landmark mixed-use development in Yangon’s central business district.

According to Keppel Land, it will pump about S$68 million (US$48.6 million) of investment in the collaboration, which is the second between the group and Shwe Taung following a joint venture to develop Junction City Tower.

“Keppel Land will hold 40% stake in the serviced residences and office component of phase two of Junction City, which will offer a gross floor area of about 50,000 sm. The development will house the first Sedona Suites in Myanmar comprising about 260 serviced apartments,” the group said.

The company banks on the long-term potential of Myanmar, especially Yangon, which continues to attract increasing foreign direct investments and multinational companies, said Ng Ooi Hooi, Keppel Land’s regional investments chief.

Construction of phase two of Junction City is expected to begin in 2018.