Oxley Holdings pushes into Myanmar with new construction project in Yangon

The land utilising cost is $74.55m.

Mainboard-listed Oxley Holdings revealed that its wholly-owned subsidiary, Oxley Myanmar, had entered into a building construction, management and consultancy services agreement to build a 20-storey mixed development in Yangon.

The project shall be called Min Residence, located in a land plot which has an area of 3.185 acres. The agreed construction cost, including all related consultancy and professional fees, shall be determined after the contracts have been awarded to the contractors and design consultants. The agreed land utilising cost is $74.55m (US$58.9m).

Here’s more from Oxley:

The Land Owner shall contribute the Land Plot at the agreed Land Utilising Cost for the Project, while Oxley Myanmar shall be responsible for funding the Construction Cost of the Project.

The responsibilities of Oxley Myanmar include:
(a) land clearing at the Land Plot;
(b) procuring all construction works for the Project at its own expense;
(c) assigning a consultant engineer for the works relating to the Project and appointing
the architect and civil engineer who shall ensure that the construction rules and
guidelines are complied with;
(d) bearing all costs relating to the construction of the Project;
(e) advising on all necessary marketing channels and materials (including show flat,
marketing agent and marketing materials) so as to promote sales of the Project; and
(f) conceptualising the design for the Project, with the assistance of consultants, and
managing the development of the Project.